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[ "Consolidated Statements of Income Verizon Communications Inc. and Subsidiaries (dollars in millions, except per share amounts) Years Ended December 31, 2023 2022 2021 Operating Revenues Service revenues and other $ 109,652 $ 109,625 $ 110,449 Wireless equipment revenues 24,322 27,210 23,164 Total Operating Revenues 133,974 136,835 133,613 Operating Expenses Cost of services (exclusive of items shown below) 28,100 28,637 31,234 Cost of wireless equipment 26,787 30,496 25,067 Selling, general and administrative expense 32,745 30,136 28,658 Depreciation and amortization expense 17,624 17,099 16,206 Verizon Business Group goodwill impairment 5,841 — — Total Operating Expenses 111,097 106,368 101,165 Operating Income 22,877 30,467 32,448 Equity in earnings (losses) of unconsolidated businesses (53) 44 145 Other income (expense), net (313) 1,373 312 Interest expense (5,524) (3,613) (3,485) Income Before Provision For Income Taxes 16,987 28,271 29,420 Provision for income taxes (4,892) (6,523) (6,802) Net Income $ 12,095 $ 21,748 $ 22,618 Net income attributable to noncontrolling interests $ 481 $ 492 $ 553 Net income attributable to Verizon 11,614 21,256 22,065 Net Income $ 12,095 $ 21,748 $ 22,618 Basic Earnings Per Common Share Net income attributable to Verizon $ 2.76 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,211 4,202 4,148 Diluted Earnings Per Common Share Net income attributable to Verizon $ 2.75 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,215 4,204 4,150", "Consolidated Balance Sheets Verizon Communications Inc. and Subsidiaries (dollars in millions, except per share amounts) At December 31, 2023 2022 Assets Current assets Cash and cash equivalents $ 2,065 $ 2,605 Accounts receivable 26,102 25,332 Less Allowance for credit losses 1,017 826 Accounts receivable, net 25,085 24,506 Inventories 2,057 2,388 Prepaid expenses and other 7,607 8,358 Total current assets 36,814 37,857 Property, plant and equipment 320,108 307,689 Less Accumulated depreciation 211,798 200,255 Property, plant and equipment, net 108,310 107,434 Investments in unconsolidated businesses 953 1,071 Wireless licenses 155,667 149,796 Goodwill 22,843 28,671 Other intangible assets, net 11,057 11,461 Operating lease right-of-use assets 24,726 26,130 Other assets 19,885 17,260 Total assets $ 380,255 $ 379,680 Liabilities and Equity Current liabilities Debt maturing within one year $ 12,973 $ 9,963 Accounts payable and accrued liabilities 23,453 23,977 Current operating lease liabilities 4,266 4,134 Other current liabilities 12,531 12,097 Total current liabilities 53,223 50,171 Long-term debt 137,701 140,676 Employee benefit obligations 13,189 12,974 Deferred income taxes 45,781 43,441 Non-current operating lease liabilities 20,002 21,558 Other liabilities 16,560 18,397 Total long-term liabilities 233,233 237,046 Commitments and Contingencies (Note 16) Equity Series preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued) — — Common stock ($0.10 par value; 6,250,000,000 shares authorized in each period; 4,291,433,646 shares issued in each period) 429 429 Additional paid in capital 13,631 13,420 Retained earnings 82,915 82,380 Accumulated other comprehensive loss (1,380) (1,865) Common stock in treasury, at cost (87,172,997 and 91,572,258 shares outstanding) (3,821) (4,013) Deferred compensation – employee stock ownership plans (ESOPs) and other 656 793 Noncontrolling interests 1,369 1,319 Total equity 93,799 92,463 Total liabilities and equity $ 380,255 $ 379,680" ]

[ "Consolidated Balance Sheets Verizon Communications Inc. and Subsidiaries (dollars in millions, except per share amounts) At December 31, 2023 2022 Assets Current assets Cash and cash equivalents $ 2,065 $ 2,605 Accounts receivable 26,102 25,332 Less Allowance for credit losses 1,017 826 Accounts receivable, net 25,085 24,506 Inventories 2,057 2,388 Prepaid expenses and other 7,607 8,358 Total current assets 36,814 37,857 Property, plant and equipment 320,108 307,689 Less Accumulated depreciation 211,798 200,255 Property, plant and equipment, net 108,310 107,434 Investments in unconsolidated businesses 953 1,071 Wireless licenses 155,667 149,796 Goodwill 22,843 28,671 Other intangible assets, net 11,057 11,461 Operating lease right-of-use assets 24,726 26,130 Other assets 19,885 17,260 Total assets $ 380,255 $ 379,680 Liabilities and Equity Current liabilities Debt maturing within one year $ 12,973 $ 9,963 Accounts payable and accrued liabilities 23,453 23,977 Current operating lease liabilities 4,266 4,134 Other current liabilities 12,531 12,097 Total current liabilities 53,223 50,171 Long-term debt 137,701 140,676 Employee benefit obligations 13,189 12,974 Deferred income taxes 45,781 43,441 Non-current operating lease liabilities 20,002 21,558 Other liabilities 16,560 18,397 Total long-term liabilities 233,233 237,046 Commitments and Contingencies (Note 16) Equity Series preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued) — — Common stock ($0.10 par value; 6,250,000,000 shares authorized in each period; 4,291,433,646 shares issued in each period) 429 429 Additional paid in capital 13,631 13,420 Retained earnings 82,915 82,380 Accumulated other comprehensive loss (1,380) (1,865) Common stock in treasury, at cost (87,172,997 and 91,572,258 shares outstanding) (3,821) (4,013) Deferred compensation – employee stock ownership plans (ESOPs) and other 656 793 Noncontrolling interests 1,369 1,319 Total equity 93,799 92,463 Total liabilities and equity $ 380,255 $ 379,680" ]

[ "Consolidated Statements of Income Verizon Communications Inc. and Subsidiaries (dollars in millions, except per share amounts) Years Ended December 31, 2023 2022 2021 Operating Revenues Service revenues and other $ 109,652 $ 109,625 $ 110,449 Wireless equipment revenues 24,322 27,210 23,164 Total Operating Revenues 133,974 136,835 133,613 Operating Expenses Cost of services (exclusive of items shown below) 28,100 28,637 31,234 Cost of wireless equipment 26,787 30,496 25,067 Selling, general and administrative expense 32,745 30,136 28,658 Depreciation and amortization expense 17,624 17,099 16,206 Verizon Business Group goodwill impairment 5,841 — — Total Operating Expenses 111,097 106,368 101,165 Operating Income 22,877 30,467 32,448 Equity in earnings (losses) of unconsolidated businesses (53) 44 145 Other income (expense), net (313) 1,373 312 Interest expense (5,524) (3,613) (3,485) Income Before Provision For Income Taxes 16,987 28,271 29,420 Provision for income taxes (4,892) (6,523) (6,802) Net Income $ 12,095 $ 21,748 $ 22,618 Net income attributable to noncontrolling interests $ 481 $ 492 $ 553 Net income attributable to Verizon 11,614 21,256 22,065 Net Income $ 12,095 $ 21,748 $ 22,618 Basic Earnings Per Common Share Net income attributable to Verizon $ 2.76 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,211 4,202 4,148 Diluted Earnings Per Common Share Net income attributable to Verizon $ 2.75 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,215 4,204 4,150", "Consolidated Balance Sheets Verizon Communications Inc. and Subsidiaries (dollars in millions, except per share amounts) At December 31, 2023 2022 Assets Current assets Cash and cash equivalents $ 2,065 $ 2,605 Accounts receivable 26,102 25,332 Less Allowance for credit losses 1,017 826 Accounts receivable, net 25,085 24,506 Inventories 2,057 2,388 Prepaid expenses and other 7,607 8,358 Total current assets 36,814 37,857 Property, plant and equipment 320,108 307,689 Less Accumulated depreciation 211,798 200,255 Property, plant and equipment, net 108,310 107,434 Investments in unconsolidated businesses 953 1,071 Wireless licenses 155,667 149,796 Goodwill 22,843 28,671 Other intangible assets, net 11,057 11,461 Operating lease right-of-use assets 24,726 26,130 Other assets 19,885 17,260 Total assets $ 380,255 $ 379,680 Liabilities and Equity Current liabilities Debt maturing within one year $ 12,973 $ 9,963 Accounts payable and accrued liabilities 23,453 23,977 Current operating lease liabilities 4,266 4,134 Other current liabilities 12,531 12,097 Total current liabilities 53,223 50,171 Long-term debt 137,701 140,676 Employee benefit obligations 13,189 12,974 Deferred income taxes 45,781 43,441 Non-current operating lease liabilities 20,002 21,558 Other liabilities 16,560 18,397 Total long-term liabilities 233,233 237,046 Commitments and Contingencies (Note 16) Equity Series preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued) — — Common stock ($0.10 par value; 6,250,000,000 shares authorized in each period; 4,291,433,646 shares issued in each period) 429 429 Additional paid in capital 13,631 13,420 Retained earnings 82,915 82,380 Accumulated other comprehensive loss (1,380) (1,865) Common stock in treasury, at cost (87,172,997 and 91,572,258 shares outstanding) (3,821) (4,013) Deferred compensation – employee stock ownership plans (ESOPs) and other 656 793 Noncontrolling interests 1,369 1,319 Total equity 93,799 92,463 Total liabilities and equity $ 380,255 $ 379,680" ]

[ "Consolidated Statements of Income Verizon Communications Inc. and Subsidiaries (dollars in millions, except per share amounts) Years Ended December 31, 2023 2022 2021 Operating Revenues Service revenues and other $ 109,652 $ 109,625 $ 110,449 Wireless equipment revenues 24,322 27,210 23,164 Total Operating Revenues 133,974 136,835 133,613 Operating Expenses Cost of services (exclusive of items shown below) 28,100 28,637 31,234 Cost of wireless equipment 26,787 30,496 25,067 Selling, general and administrative expense 32,745 30,136 28,658 Depreciation and amortization expense 17,624 17,099 16,206 Verizon Business Group goodwill impairment 5,841 — — Total Operating Expenses 111,097 106,368 101,165 Operating Income 22,877 30,467 32,448 Equity in earnings (losses) of unconsolidated businesses (53) 44 145 Other income (expense), net (313) 1,373 312 Interest expense (5,524) (3,613) (3,485) Income Before Provision For Income Taxes 16,987 28,271 29,420 Provision for income taxes (4,892) (6,523) (6,802) Net Income $ 12,095 $ 21,748 $ 22,618 Net income attributable to noncontrolling interests $ 481 $ 492 $ 553 Net income attributable to Verizon 11,614 21,256 22,065 Net Income $ 12,095 $ 21,748 $ 22,618 Basic Earnings Per Common Share Net income attributable to Verizon $ 2.76 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,211 4,202 4,148 Diluted Earnings Per Common Share Net income attributable to Verizon $ 2.75 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,215 4,204 4,150", "Consolidated Balance Sheets Verizon Communications Inc. and Subsidiaries (dollars in millions, except per share amounts) At December 31, 2023 2022 Assets Current assets Cash and cash equivalents $ 2,065 $ 2,605 Accounts receivable 26,102 25,332 Less Allowance for credit losses 1,017 826 Accounts receivable, net 25,085 24,506 Inventories 2,057 2,388 Prepaid expenses and other 7,607 8,358 Total current assets 36,814 37,857 Property, plant and equipment 320,108 307,689 Less Accumulated depreciation 211,798 200,255 Property, plant and equipment, net 108,310 107,434 Investments in unconsolidated businesses 953 1,071 Wireless licenses 155,667 149,796 Goodwill 22,843 28,671 Other intangible assets, net 11,057 11,461 Operating lease right-of-use assets 24,726 26,130 Other assets 19,885 17,260 Total assets $ 380,255 $ 379,680 Liabilities and Equity Current liabilities Debt maturing within one year $ 12,973 $ 9,963 Accounts payable and accrued liabilities 23,453 23,977 Current operating lease liabilities 4,266 4,134 Other current liabilities 12,531 12,097 Total current liabilities 53,223 50,171 Long-term debt 137,701 140,676 Employee benefit obligations 13,189 12,974 Deferred income taxes 45,781 43,441 Non-current operating lease liabilities 20,002 21,558 Other liabilities 16,560 18,397 Total long-term liabilities 233,233 237,046 Commitments and Contingencies (Note 16) Equity Series preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued) — — Common stock ($0.10 par value; 6,250,000,000 shares authorized in each period; 4,291,433,646 shares issued in each period) 429 429 Additional paid in capital 13,631 13,420 Retained earnings 82,915 82,380 Accumulated other comprehensive loss (1,380) (1,865) Common stock in treasury, at cost (87,172,997 and 91,572,258 shares outstanding) (3,821) (4,013) Deferred compensation – employee stock ownership plans (ESOPs) and other 656 793 Noncontrolling interests 1,369 1,319 Total equity 93,799 92,463 Total liabilities and equity $ 380,255 $ 379,680" ]

[ "Consolidated Statements of Income Verizon Communications Inc. and Subsidiaries (dollars in millions, except per share amounts) Years Ended December 31, 2023 2022 2021 Operating Revenues Service revenues and other $ 109,652 $ 109,625 $ 110,449 Wireless equipment revenues 24,322 27,210 23,164 Total Operating Revenues 133,974 136,835 133,613 Operating Expenses Cost of services (exclusive of items shown below) 28,100 28,637 31,234 Cost of wireless equipment 26,787 30,496 25,067 Selling, general and administrative expense 32,745 30,136 28,658 Depreciation and amortization expense 17,624 17,099 16,206 Verizon Business Group goodwill impairment 5,841 — — Total Operating Expenses 111,097 106,368 101,165 Operating Income 22,877 30,467 32,448 Equity in earnings (losses) of unconsolidated businesses (53) 44 145 Other income (expense), net (313) 1,373 312 Interest expense (5,524) (3,613) (3,485) Income Before Provision For Income Taxes 16,987 28,271 29,420 Provision for income taxes (4,892) (6,523) (6,802) Net Income $ 12,095 $ 21,748 $ 22,618 Net income attributable to noncontrolling interests $ 481 $ 492 $ 553 Net income attributable to Verizon 11,614 21,256 22,065 Net Income $ 12,095 $ 21,748 $ 22,618 Basic Earnings Per Common Share Net income attributable to Verizon $ 2.76 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,211 4,202 4,148 Diluted Earnings Per Common Share Net income attributable to Verizon $ 2.75 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,215 4,204 4,150" ]

[ "Consolidated Statements of Income Verizon Communications Inc. and Subsidiaries (dollars in millions, except per share amounts) Years Ended December 31, 2023 2022 2021 Operating Revenues Service revenues and other $ 109,652 $ 109,625 $ 110,449 Wireless equipment revenues 24,322 27,210 23,164 Total Operating Revenues 133,974 136,835 133,613 Operating Expenses Cost of services (exclusive of items shown below) 28,100 28,637 31,234 Cost of wireless equipment 26,787 30,496 25,067 Selling, general and administrative expense 32,745 30,136 28,658 Depreciation and amortization expense 17,624 17,099 16,206 Verizon Business Group goodwill impairment 5,841 — — Total Operating Expenses 111,097 106,368 101,165 Operating Income 22,877 30,467 32,448 Equity in earnings (losses) of unconsolidated businesses (53) 44 145 Other income (expense), net (313) 1,373 312 Interest expense (5,524) (3,613) (3,485) Income Before Provision For Income Taxes 16,987 28,271 29,420 Provision for income taxes (4,892) (6,523) (6,802) Net Income $ 12,095 $ 21,748 $ 22,618 Net income attributable to noncontrolling interests $ 481 $ 492 $ 553 Net income attributable to Verizon 11,614 21,256 22,065 Net Income $ 12,095 $ 21,748 $ 22,618 Basic Earnings Per Common Share Net income attributable to Verizon $ 2.76 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,211 4,202 4,148 Diluted Earnings Per Common Share Net income attributable to Verizon $ 2.75 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,215 4,204 4,150", "Consolidated Balance Sheets Verizon Communications Inc. and Subsidiaries (dollars in millions, except per share amounts) At December 31, 2023 2022 Assets Current assets Cash and cash equivalents $ 2,065 $ 2,605 Accounts receivable 26,102 25,332 Less Allowance for credit losses 1,017 826 Accounts receivable, net 25,085 24,506 Inventories 2,057 2,388 Prepaid expenses and other 7,607 8,358 Total current assets 36,814 37,857 Property, plant and equipment 320,108 307,689 Less Accumulated depreciation 211,798 200,255 Property, plant and equipment, net 108,310 107,434 Investments in unconsolidated businesses 953 1,071 Wireless licenses 155,667 149,796 Goodwill 22,843 28,671 Other intangible assets, net 11,057 11,461 Operating lease right-of-use assets 24,726 26,130 Other assets 19,885 17,260 Total assets $ 380,255 $ 379,680 Liabilities and Equity Current liabilities Debt maturing within one year $ 12,973 $ 9,963 Accounts payable and accrued liabilities 23,453 23,977 Current operating lease liabilities 4,266 4,134 Other current liabilities 12,531 12,097 Total current liabilities 53,223 50,171 Long-term debt 137,701 140,676 Employee benefit obligations 13,189 12,974 Deferred income taxes 45,781 43,441 Non-current operating lease liabilities 20,002 21,558 Other liabilities 16,560 18,397 Total long-term liabilities 233,233 237,046 Commitments and Contingencies (Note 16) Equity Series preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued) — — Common stock ($0.10 par value; 6,250,000,000 shares authorized in each period; 4,291,433,646 shares issued in each period) 429 429 Additional paid in capital 13,631 13,420 Retained earnings 82,915 82,380 Accumulated other comprehensive loss (1,380) (1,865) Common stock in treasury, at cost (87,172,997 and 91,572,258 shares outstanding) (3,821) (4,013) Deferred compensation – employee stock ownership plans (ESOPs) and other 656 793 Noncontrolling interests 1,369 1,319 Total equity 93,799 92,463 Total liabilities and equity $ 380,255 $ 379,680" ]

[ "Consolidated Statements of Income Verizon Communications Inc. and Subsidiaries (dollars in millions, except per share amounts) Years Ended December 31, 2023 2022 2021 Operating Revenues Service revenues and other $ 109,652 $ 109,625 $ 110,449 Wireless equipment revenues 24,322 27,210 23,164 Total Operating Revenues 133,974 136,835 133,613 Operating Expenses Cost of services (exclusive of items shown below) 28,100 28,637 31,234 Cost of wireless equipment 26,787 30,496 25,067 Selling, general and administrative expense 32,745 30,136 28,658 Depreciation and amortization expense 17,624 17,099 16,206 Verizon Business Group goodwill impairment 5,841 — — Total Operating Expenses 111,097 106,368 101,165 Operating Income 22,877 30,467 32,448 Equity in earnings (losses) of unconsolidated businesses (53) 44 145 Other income (expense), net (313) 1,373 312 Interest expense (5,524) (3,613) (3,485) Income Before Provision For Income Taxes 16,987 28,271 29,420 Provision for income taxes (4,892) (6,523) (6,802) Net Income $ 12,095 $ 21,748 $ 22,618 Net income attributable to noncontrolling interests $ 481 $ 492 $ 553 Net income attributable to Verizon 11,614 21,256 22,065 Net Income $ 12,095 $ 21,748 $ 22,618 Basic Earnings Per Common Share Net income attributable to Verizon $ 2.76 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,211 4,202 4,148 Diluted Earnings Per Common Share Net income attributable to Verizon $ 2.75 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,215 4,204 4,150", "Consolidated Balance Sheets Verizon Communications Inc. and Subsidiaries (dollars in millions, except per share amounts) At December 31, 2023 2022 Assets Current assets Cash and cash equivalents $ 2,065 $ 2,605 Accounts receivable 26,102 25,332 Less Allowance for credit losses 1,017 826 Accounts receivable, net 25,085 24,506 Inventories 2,057 2,388 Prepaid expenses and other 7,607 8,358 Total current assets 36,814 37,857 Property, plant and equipment 320,108 307,689 Less Accumulated depreciation 211,798 200,255 Property, plant and equipment, net 108,310 107,434 Investments in unconsolidated businesses 953 1,071 Wireless licenses 155,667 149,796 Goodwill 22,843 28,671 Other intangible assets, net 11,057 11,461 Operating lease right-of-use assets 24,726 26,130 Other assets 19,885 17,260 Total assets $ 380,255 $ 379,680 Liabilities and Equity Current liabilities Debt maturing within one year $ 12,973 $ 9,963 Accounts payable and accrued liabilities 23,453 23,977 Current operating lease liabilities 4,266 4,134 Other current liabilities 12,531 12,097 Total current liabilities 53,223 50,171 Long-term debt 137,701 140,676 Employee benefit obligations 13,189 12,974 Deferred income taxes 45,781 43,441 Non-current operating lease liabilities 20,002 21,558 Other liabilities 16,560 18,397 Total long-term liabilities 233,233 237,046 Commitments and Contingencies (Note 16) Equity Series preferred stock ($0.10 par value; 250,000,000 shares authorized; none issued) — — Common stock ($0.10 par value; 6,250,000,000 shares authorized in each period; 4,291,433,646 shares issued in each period) 429 429 Additional paid in capital 13,631 13,420 Retained earnings 82,915 82,380 Accumulated other comprehensive loss (1,380) (1,865) Common stock in treasury, at cost (87,172,997 and 91,572,258 shares outstanding) (3,821) (4,013) Deferred compensation – employee stock ownership plans (ESOPs) and other 656 793 Noncontrolling interests 1,369 1,319 Total equity 93,799 92,463 Total liabilities and equity $ 380,255 $ 379,680" ]

[ "Consolidated Statements of Income Verizon Communications Inc. and Subsidiaries (dollars in millions, except per share amounts) Years Ended December 31, 2023 2022 2021 Operating Revenues Service revenues and other $ 109,652 $ 109,625 $ 110,449 Wireless equipment revenues 24,322 27,210 23,164 Total Operating Revenues 133,974 136,835 133,613 Operating Expenses Cost of services (exclusive of items shown below) 28,100 28,637 31,234 Cost of wireless equipment 26,787 30,496 25,067 Selling, general and administrative expense 32,745 30,136 28,658 Depreciation and amortization expense 17,624 17,099 16,206 Verizon Business Group goodwill impairment 5,841 — — Total Operating Expenses 111,097 106,368 101,165 Operating Income 22,877 30,467 32,448 Equity in earnings (losses) of unconsolidated businesses (53) 44 145 Other income (expense), net (313) 1,373 312 Interest expense (5,524) (3,613) (3,485) Income Before Provision For Income Taxes 16,987 28,271 29,420 Provision for income taxes (4,892) (6,523) (6,802) Net Income $ 12,095 $ 21,748 $ 22,618 Net income attributable to noncontrolling interests $ 481 $ 492 $ 553 Net income attributable to Verizon 11,614 21,256 22,065 Net Income $ 12,095 $ 21,748 $ 22,618 Basic Earnings Per Common Share Net income attributable to Verizon $ 2.76 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,211 4,202 4,148 Diluted Earnings Per Common Share Net income attributable to Verizon $ 2.75 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,215 4,204 4,150" ]

[ "Consolidated Statements of Income Verizon Communications Inc. and Subsidiaries (dollars in millions, except per share amounts) Years Ended December 31, 2023 2022 2021 Operating Revenues Service revenues and other $ 109,652 $ 109,625 $ 110,449 Wireless equipment revenues 24,322 27,210 23,164 Total Operating Revenues 133,974 136,835 133,613 Operating Expenses Cost of services (exclusive of items shown below) 28,100 28,637 31,234 Cost of wireless equipment 26,787 30,496 25,067 Selling, general and administrative expense 32,745 30,136 28,658 Depreciation and amortization expense 17,624 17,099 16,206 Verizon Business Group goodwill impairment 5,841 — — Total Operating Expenses 111,097 106,368 101,165 Operating Income 22,877 30,467 32,448 Equity in earnings (losses) of unconsolidated businesses (53) 44 145 Other income (expense), net (313) 1,373 312 Interest expense (5,524) (3,613) (3,485) Income Before Provision For Income Taxes 16,987 28,271 29,420 Provision for income taxes (4,892) (6,523) (6,802) Net Income $ 12,095 $ 21,748 $ 22,618 Net income attributable to noncontrolling interests $ 481 $ 492 $ 553 Net income attributable to Verizon 11,614 21,256 22,065 Net Income $ 12,095 $ 21,748 $ 22,618 Basic Earnings Per Common Share Net income attributable to Verizon $ 2.76 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,211 4,202 4,148 Diluted Earnings Per Common Share Net income attributable to Verizon $ 2.75 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,215 4,204 4,150" ]

[ "Consolidated Statements of Cash Flows Verizon Communications Inc. and Subsidiaries (dollars in millions) Years Ended December 31, 2023 2022 2021 Cash Flows from Operating Activities Net Income $ 12,095 $ 21,748 $ 22,618 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 17,624 17,099 16,206 Employee retirement benefits 1,206 (2,046) (3,391) Deferred income taxes 2,388 2,973 4,264 Provision for expected credit losses 2,214 1,611 789 Equity in losses (earnings) of unconsolidated businesses, net of dividends received 84 (10) 36 Verizon Business Group goodwill impairment 5,841 — — Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses: Accounts receivable (2,198) (1,978) (1,592) Inventories 287 627 (905) Prepaid expenses and other (435) 928 150 Accounts payable and accrued liabilities and Other current liabilities 2,079 (33) 1,457 Other, net (3,710) (3,778) (93) Net cash provided by operating activities 37,475 37,141 39,539 Cash Flows from Investing Activities Capital expenditures (including capitalized software) (18,767) (23,087) (20,286) Cash received (paid) related to acquisitions of businesses, net of cash acquired (30) 248 (4,065) Acquisitions of wireless licenses (5,796) (3,653) (47,596) Collateral receipts (payments) related to derivative contracts, net 880 (2,265) (21) Proceeds from disposition of business — 33 4,122 Other, net 281 62 693 Net cash used in investing activities (23,432) (28,662) (67,153) Cash Flows from Financing Activities Proceeds from long-term borrowings 2,018 7,074 33,034 Proceeds from asset-backed long-term borrowings 6,594 10,732 8,383 Net proceeds from (repayments of) short-term commercial paper (150) 106 — Repayments of long-term borrowings and finance lease obligations (6,181) (8,616) (14,063) Repayments of asset-backed long-term borrowings (4,443) (4,948) (4,800) Dividends paid (11,025) (10,805) (10,445) Other, net (1,470) (2,072) (3,832) Net cash provided by (used in) financing activities (14,657) (8,529) 8,277 Decrease in cash, cash equivalents and restricted cash (614) (50) (19,337) Cash, cash equivalents and restricted cash, beginning of period 4,111 4,161 23,498 Cash, cash equivalents and restricted cash, end of period (Note 1) $ 3,497 $ 4,111 $ 4,161" ]

[ "Consolidated Statements of Cash Flows Verizon Communications Inc. and Subsidiaries (dollars in millions) Years Ended December 31, 2023 2022 2021 Cash Flows from Operating Activities Net Income $ 12,095 $ 21,748 $ 22,618 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 17,624 17,099 16,206 Employee retirement benefits 1,206 (2,046) (3,391) Deferred income taxes 2,388 2,973 4,264 Provision for expected credit losses 2,214 1,611 789 Equity in losses (earnings) of unconsolidated businesses, net of dividends received 84 (10) 36 Verizon Business Group goodwill impairment 5,841 — — Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses: Accounts receivable (2,198) (1,978) (1,592) Inventories 287 627 (905) Prepaid expenses and other (435) 928 150 Accounts payable and accrued liabilities and Other current liabilities 2,079 (33) 1,457 Other, net (3,710) (3,778) (93) Net cash provided by operating activities 37,475 37,141 39,539 Cash Flows from Investing Activities Capital expenditures (including capitalized software) (18,767) (23,087) (20,286) Cash received (paid) related to acquisitions of businesses, net of cash acquired (30) 248 (4,065) Acquisitions of wireless licenses (5,796) (3,653) (47,596) Collateral receipts (payments) related to derivative contracts, net 880 (2,265) (21) Proceeds from disposition of business — 33 4,122 Other, net 281 62 693 Net cash used in investing activities (23,432) (28,662) (67,153) Cash Flows from Financing Activities Proceeds from long-term borrowings 2,018 7,074 33,034 Proceeds from asset-backed long-term borrowings 6,594 10,732 8,383 Net proceeds from (repayments of) short-term commercial paper (150) 106 — Repayments of long-term borrowings and finance lease obligations (6,181) (8,616) (14,063) Repayments of asset-backed long-term borrowings (4,443) (4,948) (4,800) Dividends paid (11,025) (10,805) (10,445) Other, net (1,470) (2,072) (3,832) Net cash provided by (used in) financing activities (14,657) (8,529) 8,277 Decrease in cash, cash equivalents and restricted cash (614) (50) (19,337) Cash, cash equivalents and restricted cash, beginning of period 4,111 4,161 23,498 Cash, cash equivalents and restricted cash, end of period (Note 1) $ 3,497 $ 4,111 $ 4,161" ]

[ "Consolidated Statements of Cash Flows Verizon Communications Inc. and Subsidiaries (dollars in millions) Years Ended December 31, 2023 2022 2021 Cash Flows from Operating Activities Net Income $ 12,095 $ 21,748 $ 22,618 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 17,624 17,099 16,206 Employee retirement benefits 1,206 (2,046) (3,391) Deferred income taxes 2,388 2,973 4,264 Provision for expected credit losses 2,214 1,611 789 Equity in losses (earnings) of unconsolidated businesses, net of dividends received 84 (10) 36 Verizon Business Group goodwill impairment 5,841 — — Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses: Accounts receivable (2,198) (1,978) (1,592) Inventories 287 627 (905) Prepaid expenses and other (435) 928 150 Accounts payable and accrued liabilities and Other current liabilities 2,079 (33) 1,457 Other, net (3,710) (3,778) (93) Net cash provided by operating activities 37,475 37,141 39,539 Cash Flows from Investing Activities Capital expenditures (including capitalized software) (18,767) (23,087) (20,286) Cash received (paid) related to acquisitions of businesses, net of cash acquired (30) 248 (4,065) Acquisitions of wireless licenses (5,796) (3,653) (47,596) Collateral receipts (payments) related to derivative contracts, net 880 (2,265) (21) Proceeds from disposition of business — 33 4,122 Other, net 281 62 693 Net cash used in investing activities (23,432) (28,662) (67,153) Cash Flows from Financing Activities Proceeds from long-term borrowings 2,018 7,074 33,034 Proceeds from asset-backed long-term borrowings 6,594 10,732 8,383 Net proceeds from (repayments of) short-term commercial paper (150) 106 — Repayments of long-term borrowings and finance lease obligations (6,181) (8,616) (14,063) Repayments of asset-backed long-term borrowings (4,443) (4,948) (4,800) Dividends paid (11,025) (10,805) (10,445) Other, net (1,470) (2,072) (3,832) Net cash provided by (used in) financing activities (14,657) (8,529) 8,277 Decrease in cash, cash equivalents and restricted cash (614) (50) (19,337) Cash, cash equivalents and restricted cash, beginning of period 4,111 4,161 23,498 Cash, cash equivalents and restricted cash, end of period (Note 1) $ 3,497 $ 4,111 $ 4,161" ]

[ "Consolidated Statements of Income Verizon Communications Inc. and Subsidiaries (dollars in millions, except per share amounts) Years Ended December 31, 2023 2022 2021 Operating Revenues Service revenues and other $ 109,652 $ 109,625 $ 110,449 Wireless equipment revenues 24,322 27,210 23,164 Total Operating Revenues 133,974 136,835 133,613 Operating Expenses Cost of services (exclusive of items shown below) 28,100 28,637 31,234 Cost of wireless equipment 26,787 30,496 25,067 Selling, general and administrative expense 32,745 30,136 28,658 Depreciation and amortization expense 17,624 17,099 16,206 Verizon Business Group goodwill impairment 5,841 — — Total Operating Expenses 111,097 106,368 101,165 Operating Income 22,877 30,467 32,448 Equity in earnings (losses) of unconsolidated businesses (53) 44 145 Other income (expense), net (313) 1,373 312 Interest expense (5,524) (3,613) (3,485) Income Before Provision For Income Taxes 16,987 28,271 29,420 Provision for income taxes (4,892) (6,523) (6,802) Net Income $ 12,095 $ 21,748 $ 22,618 Net income attributable to noncontrolling interests $ 481 $ 492 $ 553 Net income attributable to Verizon 11,614 21,256 22,065 Net Income $ 12,095 $ 21,748 $ 22,618 Basic Earnings Per Common Share Net income attributable to Verizon $ 2.76 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,211 4,202 4,148 Diluted Earnings Per Common Share Net income attributable to Verizon $ 2.75 $ 5.06 $ 5.32 Weighted-average shares outstanding (in millions) 4,215 4,204 4,150" ]

[ "Goodwill Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Consumer Business Other Total Balance at January 1, 2022 $ 21,042 $ 7,515 $ 46 $ 28,603 Acquisitions 100 — — 100 Reclassifications, adjustments and others — (13) (19) (32) Balance at December 31, 2022 21,142 7,502 27 28,671 Acquisitions 35 — — 35 Verizon Business Group goodwill impairment — (5,841) — (5,841) Reclassifications, adjustments and other — 5 (27) (22) Balance at December 31, 2023 $ 21,177 $ 1,666 $ — $ 22,843" ]

[ "Goodwill Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Consumer Business Other Total Balance at January 1, 2022 $ 21,042 $ 7,515 $ 46 $ 28,603 Acquisitions 100 — — 100 Reclassifications, adjustments and others — (13) (19) (32) Balance at December 31, 2022 21,142 7,502 27 28,671 Acquisitions 35 — — 35 Verizon Business Group goodwill impairment — (5,841) — (5,841) Reclassifications, adjustments and other — 5 (27) (22) Balance at December 31, 2023 $ 21,177 $ 1,666 $ — $ 22,843" ]

[ "Goodwill Changes in the carrying amount of Goodwill are as follows: (dollars in millions) Consumer Business Other Total Balance at January 1, 2022 $ 21,042 $ 7,515 $ 46 $ 28,603 Acquisitions 100 — — 100 Reclassifications, adjustments and others — (13) (19) (32) Balance at December 31, 2022 21,142 7,502 27 28,671 Acquisitions 35 — — 35 Verizon Business Group goodwill impairment — (5,841) — (5,841) Reclassifications, adjustments and other — 5 (27) (22) Balance at December 31, 2023 $ 21,177 $ 1,666 $ — $ 22,843" ]

[ "Other Intangible Assets The following table displays the composition of Other intangible assets, net as well as the respective amortization period: (dollars in millions) 2023 2022 At December 31, Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Customer lists (5 to 13 years) $ 4,335 $ (2,193) $ 2,142 $ 4,335 $ (1,646) $ 2,689 Non-network internal-use software (7 years) 25,524 (17,949) 7,575 23,421 (16,397) 7,024 Other (4 to 25 years) 2,656 (1,316) 1,340 2,806 (1,058) 1,748 Total $ 32,515 $ (21,458) $ 11,057 $ 30,562 $ (19,101) $ 11,461" ]

[ "Other Intangible Assets The following table displays the composition of Other intangible assets, net as well as the respective amortization period: (dollars in millions) 2023 2022 At December 31, Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Customer lists (5 to 13 years) $ 4,335 $ (2,193) $ 2,142 $ 4,335 $ (1,646) $ 2,689 Non-network internal-use software (7 years) 25,524 (17,949) 7,575 23,421 (16,397) 7,024 Other (4 to 25 years) 2,656 (1,316) 1,340 2,806 (1,058) 1,748 Total $ 32,515 $ (21,458) $ 11,057 $ 30,562 $ (19,101) $ 11,461" ]

[ "Note 7. Debt Outstanding long-term debt obligations as of December 31, 2023 and 2022 are as follows: (dollars in millions) At December 31, Maturities Interest Rates % 2023 2022 Verizon Communications < 5 Years 0.75 - 6.94 $ 33,316 $ 23,929 5-10 Years 1.50 - 7.88 37,229 42,637 > 10 Years 1.13 - 8.95 55,355 60,134 < 5 Years Floating 2,099 2,992 5-10 Years Floating 2,029 3,029 Alltel Corporation 5-10 Years 6.80 - 7.88 94 94 Operating telephone company subsidiaries—debentures < 5 Years 6.00 - 6.50 79 — 5-10 Years 5.13 - 8.75 535 475 > 10 Years 5.13 — 139 Other subsidiaries—asset-backed debt < 5 Years 0.41 - 6.09 14,048 9,767 < 5 Years Floating 8,163 10,271 Finance lease obligations (average rate of 2.9% and 2.5% in 2023 and 2022, respectively) 2,091 1,732 Vendor financing arrangements 64 — Unamortized discount, net of premium (3,812) (4,039) Unamortized debt issuance costs (616) (671) Total long-term debt, including current maturities 150,674 150,489 Less long-term debt maturing within one year 12,973 9,813 Total long-term debt $ 137,701 $ 140,676 Long-term debt maturing within one year $ 12,973 $ 9,813 Add commercial paper — 150 Debt maturing within one year 12,973 9,963 Add long-term debt 137,701 140,676 Total debt $ 150,674 $ 150,639" ]

[ "Note 7. Debt Outstanding long-term debt obligations as of December 31, 2023 and 2022 are as follows: (dollars in millions) At December 31, Maturities Interest Rates % 2023 2022 Verizon Communications < 5 Years 0.75 - 6.94 $ 33,316 $ 23,929 5-10 Years 1.50 - 7.88 37,229 42,637 > 10 Years 1.13 - 8.95 55,355 60,134 < 5 Years Floating 2,099 2,992 5-10 Years Floating 2,029 3,029 Alltel Corporation 5-10 Years 6.80 - 7.88 94 94 Operating telephone company subsidiaries—debentures < 5 Years 6.00 - 6.50 79 — 5-10 Years 5.13 - 8.75 535 475 > 10 Years 5.13 — 139 Other subsidiaries—asset-backed debt < 5 Years 0.41 - 6.09 14,048 9,767 < 5 Years Floating 8,163 10,271 Finance lease obligations (average rate of 2.9% and 2.5% in 2023 and 2022, respectively) 2,091 1,732 Vendor financing arrangements 64 — Unamortized discount, net of premium (3,812) (4,039) Unamortized debt issuance costs (616) (671) Total long-term debt, including current maturities 150,674 150,489 Less long-term debt maturing within one year 12,973 9,813 Total long-term debt $ 137,701 $ 140,676 Long-term debt maturing within one year $ 12,973 $ 9,813 Add commercial paper — 150 Debt maturing within one year 12,973 9,963 Add long-term debt 137,701 140,676 Total debt $ 150,674 $ 150,639" ]

[ "Note 7. Debt Outstanding long-term debt obligations as of December 31, 2023 and 2022 are as follows: (dollars in millions) At December 31, Maturities Interest Rates % 2023 2022 Verizon Communications < 5 Years 0.75 - 6.94 $ 33,316 $ 23,929 5-10 Years 1.50 - 7.88 37,229 42,637 > 10 Years 1.13 - 8.95 55,355 60,134 < 5 Years Floating 2,099 2,992 5-10 Years Floating 2,029 3,029 Alltel Corporation 5-10 Years 6.80 - 7.88 94 94 Operating telephone company subsidiaries—debentures < 5 Years 6.00 - 6.50 79 — 5-10 Years 5.13 - 8.75 535 475 > 10 Years 5.13 — 139 Other subsidiaries—asset-backed debt < 5 Years 0.41 - 6.09 14,048 9,767 < 5 Years Floating 8,163 10,271 Finance lease obligations (average rate of 2.9% and 2.5% in 2023 and 2022, respectively) 2,091 1,732 Vendor financing arrangements 64 — Unamortized discount, net of premium (3,812) (4,039) Unamortized debt issuance costs (616) (671) Total long-term debt, including current maturities 150,674 150,489 Less long-term debt maturing within one year 12,973 9,813 Total long-term debt $ 137,701 $ 140,676 Long-term debt maturing within one year $ 12,973 $ 9,813 Add commercial paper — 150 Debt maturing within one year 12,973 9,963 Add long-term debt 137,701 140,676 Total debt $ 150,674 $ 150,639" ]

[ "Note 7. Debt Outstanding long-term debt obligations as of December 31, 2023 and 2022 are as follows: (dollars in millions) At December 31, Maturities Interest Rates % 2023 2022 Verizon Communications < 5 Years 0.75 - 6.94 $ 33,316 $ 23,929 5-10 Years 1.50 - 7.88 37,229 42,637 > 10 Years 1.13 - 8.95 55,355 60,134 < 5 Years Floating 2,099 2,992 5-10 Years Floating 2,029 3,029 Alltel Corporation 5-10 Years 6.80 - 7.88 94 94 Operating telephone company subsidiaries—debentures < 5 Years 6.00 - 6.50 79 — 5-10 Years 5.13 - 8.75 535 475 > 10 Years 5.13 — 139 Other subsidiaries—asset-backed debt < 5 Years 0.41 - 6.09 14,048 9,767 < 5 Years Floating 8,163 10,271 Finance lease obligations (average rate of 2.9% and 2.5% in 2023 and 2022, respectively) 2,091 1,732 Vendor financing arrangements 64 — Unamortized discount, net of premium (3,812) (4,039) Unamortized debt issuance costs (616) (671) Total long-term debt, including current maturities 150,674 150,489 Less long-term debt maturing within one year 12,973 9,813 Total long-term debt $ 137,701 $ 140,676 Long-term debt maturing within one year $ 12,973 $ 9,813 Add commercial paper — 150 Debt maturing within one year 12,973 9,963 Add long-term debt 137,701 140,676 Total debt $ 150,674 $ 150,639" ]

[ "Note 7. Debt Outstanding long-term debt obligations as of December 31, 2023 and 2022 are as follows: (dollars in millions) At December 31, Maturities Interest Rates % 2023 2022 Verizon Communications < 5 Years 0.75 - 6.94 $ 33,316 $ 23,929 5-10 Years 1.50 - 7.88 37,229 42,637 > 10 Years 1.13 - 8.95 55,355 60,134 < 5 Years Floating 2,099 2,992 5-10 Years Floating 2,029 3,029 Alltel Corporation 5-10 Years 6.80 - 7.88 94 94 Operating telephone company subsidiaries—debentures < 5 Years 6.00 - 6.50 79 — 5-10 Years 5.13 - 8.75 535 475 > 10 Years 5.13 — 139 Other subsidiaries—asset-backed debt < 5 Years 0.41 - 6.09 14,048 9,767 < 5 Years Floating 8,163 10,271 Finance lease obligations (average rate of 2.9% and 2.5% in 2023 and 2022, respectively) 2,091 1,732 Vendor financing arrangements 64 — Unamortized discount, net of premium (3,812) (4,039) Unamortized debt issuance costs (616) (671) Total long-term debt, including current maturities 150,674 150,489 Less long-term debt maturing within one year 12,973 9,813 Total long-term debt $ 137,701 $ 140,676 Long-term debt maturing within one year $ 12,973 $ 9,813 Add commercial paper — 150 Debt maturing within one year 12,973 9,963 Add long-term debt 137,701 140,676 Total debt $ 150,674 $ 150,639" ]

[ "Note 7. Debt Outstanding long-term debt obligations as of December 31, 2023 and 2022 are as follows: (dollars in millions) At December 31, Maturities Interest Rates % 2023 2022 Verizon Communications < 5 Years 0.75 - 6.94 $ 33,316 $ 23,929 5-10 Years 1.50 - 7.88 37,229 42,637 > 10 Years 1.13 - 8.95 55,355 60,134 < 5 Years Floating 2,099 2,992 5-10 Years Floating 2,029 3,029 Alltel Corporation 5-10 Years 6.80 - 7.88 94 94 Operating telephone company subsidiaries—debentures < 5 Years 6.00 - 6.50 79 — 5-10 Years 5.13 - 8.75 535 475 > 10 Years 5.13 — 139 Other subsidiaries—asset-backed debt < 5 Years 0.41 - 6.09 14,048 9,767 < 5 Years Floating 8,163 10,271 Finance lease obligations (average rate of 2.9% and 2.5% in 2023 and 2022, respectively) 2,091 1,732 Vendor financing arrangements 64 — Unamortized discount, net of premium (3,812) (4,039) Unamortized debt issuance costs (616) (671) Total long-term debt, including current maturities 150,674 150,489 Less long-term debt maturing within one year 12,973 9,813 Total long-term debt $ 137,701 $ 140,676 Long-term debt maturing within one year $ 12,973 $ 9,813 Add commercial paper — 150 Debt maturing within one year 12,973 9,963 Add long-term debt 137,701 140,676 Total debt $ 150,674 $ 150,639" ]

[ "Consolidated Statements of Cash Flows Verizon Communications Inc. and Subsidiaries (dollars in millions) Years Ended December 31, 2023 2022 2021 Cash Flows from Operating Activities Net Income $ 12,095 $ 21,748 $ 22,618 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 17,624 17,099 16,206 Employee retirement benefits 1,206 (2,046) (3,391) Deferred income taxes 2,388 2,973 4,264 Provision for expected credit losses 2,214 1,611 789 Equity in losses (earnings) of unconsolidated businesses, net of dividends received 84 (10) 36 Verizon Business Group goodwill impairment 5,841 — — Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses: Accounts receivable (2,198) (1,978) (1,592) Inventories 287 627 (905) Prepaid expenses and other (435) 928 150 Accounts payable and accrued liabilities and Other current liabilities 2,079 (33) 1,457 Other, net (3,710) (3,778) (93) Net cash provided by operating activities 37,475 37,141 39,539 Cash Flows from Investing Activities Capital expenditures (including capitalized software) (18,767) (23,087) (20,286) Cash received (paid) related to acquisitions of businesses, net of cash acquired (30) 248 (4,065) Acquisitions of wireless licenses (5,796) (3,653) (47,596) Collateral receipts (payments) related to derivative contracts, net 880 (2,265) (21) Proceeds from disposition of business — 33 4,122 Other, net 281 62 693 Net cash used in investing activities (23,432) (28,662) (67,153) Cash Flows from Financing Activities Proceeds from long-term borrowings 2,018 7,074 33,034 Proceeds from asset-backed long-term borrowings 6,594 10,732 8,383 Net proceeds from (repayments of) short-term commercial paper (150) 106 — Repayments of long-term borrowings and finance lease obligations (6,181) (8,616) (14,063) Repayments of asset-backed long-term borrowings (4,443) (4,948) (4,800) Dividends paid (11,025) (10,805) (10,445) Other, net (1,470) (2,072) (3,832) Net cash provided by (used in) financing activities (14,657) (8,529) 8,277 Decrease in cash, cash equivalents and restricted cash (614) (50) (19,337) Cash, cash equivalents and restricted cash, beginning of period 4,111 4,161 23,498 Cash, cash equivalents and restricted cash, end of period (Note 1) $ 3,497 $ 4,111 $ 4,161" ]

[ "Consolidated Statements of Cash Flows Verizon Communications Inc. and Subsidiaries (dollars in millions) Years Ended December 31, 2023 2022 2021 Cash Flows from Operating Activities Net Income $ 12,095 $ 21,748 $ 22,618 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 17,624 17,099 16,206 Employee retirement benefits 1,206 (2,046) (3,391) Deferred income taxes 2,388 2,973 4,264 Provision for expected credit losses 2,214 1,611 789 Equity in losses (earnings) of unconsolidated businesses, net of dividends received 84 (10) 36 Verizon Business Group goodwill impairment 5,841 — — Changes in current assets and liabilities, net of effects from acquisition/disposition of businesses: Accounts receivable (2,198) (1,978) (1,592) Inventories 287 627 (905) Prepaid expenses and other (435) 928 150 Accounts payable and accrued liabilities and Other current liabilities 2,079 (33) 1,457 Other, net (3,710) (3,778) (93) Net cash provided by operating activities 37,475 37,141 39,539 Cash Flows from Investing Activities Capital expenditures (including capitalized software) (18,767) (23,087) (20,286) Cash received (paid) related to acquisitions of businesses, net of cash acquired (30) 248 (4,065) Acquisitions of wireless licenses (5,796) (3,653) (47,596) Collateral receipts (payments) related to derivative contracts, net 880 (2,265) (21) Proceeds from disposition of business — 33 4,122 Other, net 281 62 693 Net cash used in investing activities (23,432) (28,662) (67,153) Cash Flows from Financing Activities Proceeds from long-term borrowings 2,018 7,074 33,034 Proceeds from asset-backed long-term borrowings 6,594 10,732 8,383 Net proceeds from (repayments of) short-term commercial paper (150) 106 — Repayments of long-term borrowings and finance lease obligations (6,181) (8,616) (14,063) Repayments of asset-backed long-term borrowings (4,443) (4,948) (4,800) Dividends paid (11,025) (10,805) (10,445) Other, net (1,470) (2,072) (3,832) Net cash provided by (used in) financing activities (14,657) (8,529) 8,277 Decrease in cash, cash equivalents and restricted cash (614) (50) (19,337) Cash, cash equivalents and restricted cash, beginning of period 4,111 4,161 23,498 Cash, cash equivalents and restricted cash, end of period (Note 1) $ 3,497 $ 4,111 $ 4,161" ]

[ "The components of net lease cost were as follows: (dollars in millions) Years Ended December 31, Classification 2023 2022 2021 Operating lease cost Cost of services Selling, general and administrative expense $ 5,432 $ 5,345 $ 5,248 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization expense 259 224 259 Interest on lease liabilities Interest expense 69 36 34 Short-term lease cost Cost of services Selling, general and administrative expense 29 23 21 Variable lease cost Cost of services Selling, general and administrative expense 313 294 307 Sublease income Service revenues and other (210) (199) (193) Total net lease cost $ 5,892 $ 5,723 $ 5,676" ]

[ "Supplemental disclosures for the balance sheet related to finance leases were as follows: (dollars in millions) At December 31, 2023 2022 Assets Property, plant and equipment, net $ 1,459 $ 1,138 Liabilities Debt maturing within one year $ 753 $ 565 Long-term debt 1,338 1,167 Total Finance lease liabilities $ 2,091 $ 1,732" ]

[ "The components of net lease cost were as follows: (dollars in millions) Years Ended December 31, Classification 2023 2022 2021 Operating lease cost Cost of services Selling, general and administrative expense $ 5,432 $ 5,345 $ 5,248 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization expense 259 224 259 Interest on lease liabilities Interest expense 69 36 34 Short-term lease cost Cost of services Selling, general and administrative expense 29 23 21 Variable lease cost Cost of services Selling, general and administrative expense 313 294 307 Sublease income Service revenues and other (210) (199) (193) Total net lease cost $ 5,892 $ 5,723 $ 5,676" ]

[ "The following table presents the maturity analysis of operating and finance lease liabilities as of December 31, 2023: (dollars in millions) Years Operating Leases Finance Leases 2024 $ 4,763 $ 793 2025 4,416 665 2026 4,065 424 2027 3,744 217 2028 2,406 94 Thereafter 9,008 61 Total lease payments 28,402 2,254 Less interest 4,134 163 Present value of lease liabilities 24,268 2,091 Less current obligation 4,266 753 Long-term obligation at December 31, 2023 $ 20,002 $ 1,338" ]

[ "The following table summarizes our revenue activity by region:\n Year Ended December 31,\n 2023 2022 Percent Change\n U.S. $ 21,791.0 $ 18,190.0 20\n Outside U.S. 12,333.1 10,351.3 19\n Revenue $ 34,124.1 $ 28,541.4 20" ]

[ "The following table summarizes our revenue activity by region:\n Year Ended December 31,\n 2023 2022 Percent Change\n U.S. $ 21,791.0 $ 18,190.0 20\n Outside U.S. 12,333.1 10,351.3 19\n Revenue $ 34,124.1 $ 28,541.4 20" ]

[ "The following table summarizes our revenue activity by region:\n Year Ended December 31,\n 2023 2022 Percent Change\n U.S. $ 21,791.0 $ 18,190.0 20\n Outside U.S. 12,333.1 10,351.3 19\n Revenue $ 34,124.1 $ 28,541.4 20" ]

[ "2023 vs. 2022\n U.S. Outside U.S. Consolidated\n Volume 11 % 25 % 16 %\n Price 9 % (4)% 4 %\n Foreign exchange rates — % (1)% — %\n Percent change 20 % 19 % 20 %" ]

[ "2023 vs. 2022\n U.S. Outside U.S. Consolidated\n Volume 11 % 25 % 16 %\n Price 9 % (4)% 4 %\n Foreign exchange rates — % (1)% — %\n Percent change 20 % 19 % 20 %" ]

[ "2023 vs. 2022\n U.S. Outside U.S. Consolidated\n Volume 11 % 25 % 16 %\n Price 9 % (4)% 4 %\n Foreign exchange rates — % (1)% — %\n Percent change 20 % 19 % 20 %" ]

[ "Year Ended December 31,\n 2023 2022\n Product U.S. Outside U.S. Total Total Percent Change\n Trulicity $ 5,433.3 $ 1,699.2 $ 7,132.6 $ 7,439.7 (4)\n Mounjaro 4,834.2 328.9 5,163.1 482.5 NM\n Verzenio 2,509.0 1,354.3 3,863.4 2,483.5 56\n Taltz 1,831.6 928.0 2,759.6 2,482.0 11\n Jardiance 1,600.4 1,144.2 2,744.7 2,066.0 33\n Zyprexa 79.4 1,615.4 1,694.8 336.9 NM\n Humalog 863.2 800.2 1,663.3 2,060.6 (19)\n Cyramza 402.3 572.4 974.7 971.4 —\n Olumiant 225.5 697.2 922.6 830.5 11\n Humulin 610.1 242.0 852.1 1,019.4 (16)\n Basaglar 443.1 285.2 728.3 760.4 (4)\n Emgality 482.2 196.0 678.3 650.9 4\n Baqsimi 645.7 31.9 677.6 139.3 NM\n Erbitux 528.9 67.6 596.5 566.5 5\n Forteo 335.5 197.7 533.2 613.1 (13)\n Cialis 26.1 355.3 381.5 587.3 (35)\n Alimta 72.9 144.6 217.5 927.7 (77)\n Zepbound 175.8 — 175.8 — NM\n COVID-19 antibodies\n — — — 2,023.5 NM\n Other products 691.8 1,673.0 2,364.5 2,100.2 13\n Revenue $ 21,791.0 $ 12,333.1 $ 34,124.1 $ 28,541.4 20" ]

[ "Year Ended December 31,\n 2023 2022\n Product U.S. Outside U.S. Total Total Percent Change\n Trulicity $ 5,433.3 $ 1,699.2 $ 7,132.6 $ 7,439.7 (4)\n Mounjaro 4,834.2 328.9 5,163.1 482.5 NM\n Verzenio 2,509.0 1,354.3 3,863.4 2,483.5 56\n Taltz 1,831.6 928.0 2,759.6 2,482.0 11\n Jardiance 1,600.4 1,144.2 2,744.7 2,066.0 33\n Zyprexa 79.4 1,615.4 1,694.8 336.9 NM\n Humalog 863.2 800.2 1,663.3 2,060.6 (19)\n Cyramza 402.3 572.4 974.7 971.4 —\n Olumiant 225.5 697.2 922.6 830.5 11\n Humulin 610.1 242.0 852.1 1,019.4 (16)\n Basaglar 443.1 285.2 728.3 760.4 (4)\n Emgality 482.2 196.0 678.3 650.9 4\n Baqsimi 645.7 31.9 677.6 139.3 NM\n Erbitux 528.9 67.6 596.5 566.5 5\n Forteo 335.5 197.7 533.2 613.1 (13)\n Cialis 26.1 355.3 381.5 587.3 (35)\n Alimta 72.9 144.6 217.5 927.7 (77)\n Zepbound 175.8 — 175.8 — NM\n COVID-19 antibodies\n — — — 2,023.5 NM\n Other products 691.8 1,673.0 2,364.5 2,100.2 13\n Revenue $ 21,791.0 $ 12,333.1 $ 34,124.1 $ 28,541.4 20" ]

[ "Year Ended December 31,\n 2023 2022\n Product U.S. Outside U.S. Total Total Percent Change\n Trulicity $ 5,433.3 $ 1,699.2 $ 7,132.6 $ 7,439.7 (4)\n Mounjaro 4,834.2 328.9 5,163.1 482.5 NM\n Verzenio 2,509.0 1,354.3 3,863.4 2,483.5 56\n Taltz 1,831.6 928.0 2,759.6 2,482.0 11\n Jardiance 1,600.4 1,144.2 2,744.7 2,066.0 33\n Zyprexa 79.4 1,615.4 1,694.8 336.9 NM\n Humalog 863.2 800.2 1,663.3 2,060.6 (19)\n Cyramza 402.3 572.4 974.7 971.4 —\n Olumiant 225.5 697.2 922.6 830.5 11\n Humulin 610.1 242.0 852.1 1,019.4 (16)\n Basaglar 443.1 285.2 728.3 760.4 (4)\n Emgality 482.2 196.0 678.3 650.9 4\n Baqsimi 645.7 31.9 677.6 139.3 NM\n Erbitux 528.9 67.6 596.5 566.5 5\n Forteo 335.5 197.7 533.2 613.1 (13)\n Cialis 26.1 355.3 381.5 587.3 (35)\n Alimta 72.9 144.6 217.5 927.7 (77)\n Zepbound 175.8 — 175.8 — NM\n COVID-19 antibodies\n — — — 2,023.5 NM\n Other products 691.8 1,673.0 2,364.5 2,100.2 13\n Revenue $ 21,791.0 $ 12,333.1 $ 34,124.1 $ 28,541.4 20" ]

[ "Year Ended December 31,\n 2023 2022\n Product U.S. Outside U.S. Total Total Percent Change\n Trulicity $ 5,433.3 $ 1,699.2 $ 7,132.6 $ 7,439.7 (4)\n Mounjaro 4,834.2 328.9 5,163.1 482.5 NM\n Verzenio 2,509.0 1,354.3 3,863.4 2,483.5 56\n Taltz 1,831.6 928.0 2,759.6 2,482.0 11\n Jardiance 1,600.4 1,144.2 2,744.7 2,066.0 33\n Zyprexa 79.4 1,615.4 1,694.8 336.9 NM\n Humalog 863.2 800.2 1,663.3 2,060.6 (19)\n Cyramza 402.3 572.4 974.7 971.4 —\n Olumiant 225.5 697.2 922.6 830.5 11\n Humulin 610.1 242.0 852.1 1,019.4 (16)\n Basaglar 443.1 285.2 728.3 760.4 (4)\n Emgality 482.2 196.0 678.3 650.9 4\n Baqsimi 645.7 31.9 677.6 139.3 NM\n Erbitux 528.9 67.6 596.5 566.5 5\n Forteo 335.5 197.7 533.2 613.1 (13)\n Cialis 26.1 355.3 381.5 587.3 (35)\n Alimta 72.9 144.6 217.5 927.7 (77)\n Zepbound 175.8 — 175.8 — NM\n COVID-19 antibodies\n — — — 2,023.5 NM\n Other products 691.8 1,673.0 2,364.5 2,100.2 13\n Revenue $ 21,791.0 $ 12,333.1 $ 34,124.1 $ 28,541.4 20" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, except per-share data, and shares in\n thousands) Year Ended December 31 2023 2022 2021\n Revenue (Note 2) $ 34,124.1 $ 28,541.4 $ 28,318.4\n Costs, expenses, and other:\n Cost of sales 7,082.2 6,629.8 7,312.8\n Research and development 9,313.4 7,190.8 6,930.7\n Marketing, selling, and administrative 7,403.1 6,440.4 6,431.6\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Asset impairment, restructuring, and other special charges\n (Note 5) 67.7 244.6 316.1\n Other—net, (income) expense (Note 18) (96.7) 320.9 201.6\n 27,569.5 21,735.0 22,162.9\n Income before income taxes 6,554.6 6,806.4 6,155.5\n Income taxes (Note 14) 1,314.2 561.6 573.8\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Earnings per share:\n Basic $ 5.82 $ 6.93 $ 6.15\n Diluted $ 5.80 $ 6.90 $ 6.12\n Shares used in calculation of earnings per share:\n Basic 900,181 901,736 906,963\n Diluted 903,284 904,619 911,681" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, except per-share data, and shares in\n thousands) Year Ended December 31 2023 2022 2021\n Revenue (Note 2) $ 34,124.1 $ 28,541.4 $ 28,318.4\n Costs, expenses, and other:\n Cost of sales 7,082.2 6,629.8 7,312.8\n Research and development 9,313.4 7,190.8 6,930.7\n Marketing, selling, and administrative 7,403.1 6,440.4 6,431.6\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Asset impairment, restructuring, and other special charges\n (Note 5) 67.7 244.6 316.1\n Other—net, (income) expense (Note 18) (96.7) 320.9 201.6\n 27,569.5 21,735.0 22,162.9\n Income before income taxes 6,554.6 6,806.4 6,155.5\n Income taxes (Note 14) 1,314.2 561.6 573.8\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Earnings per share:\n Basic $ 5.82 $ 6.93 $ 6.15\n Diluted $ 5.80 $ 6.90 $ 6.12\n Shares used in calculation of earnings per share:\n Basic 900,181 901,736 906,963\n Diluted 903,284 904,619 911,681" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, except per-share data, and shares in\n thousands) Year Ended December 31 2023 2022 2021\n Revenue (Note 2) $ 34,124.1 $ 28,541.4 $ 28,318.4\n Costs, expenses, and other:\n Cost of sales 7,082.2 6,629.8 7,312.8\n Research and development 9,313.4 7,190.8 6,930.7\n Marketing, selling, and administrative 7,403.1 6,440.4 6,431.6\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Asset impairment, restructuring, and other special charges\n (Note 5) 67.7 244.6 316.1\n Other—net, (income) expense (Note 18) (96.7) 320.9 201.6\n 27,569.5 21,735.0 22,162.9\n Income before income taxes 6,554.6 6,806.4 6,155.5\n Income taxes (Note 14) 1,314.2 561.6 573.8\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Earnings per share:\n Basic $ 5.82 $ 6.93 $ 6.15\n Diluted $ 5.80 $ 6.90 $ 6.12\n Shares used in calculation of earnings per share:\n Basic 900,181 901,736 906,963\n Diluted 903,284 904,619 911,681" ]

[ "Year Ended December 31,\n 2023 2022 Percent Change\n Gross margin $ 27,041.9 $ 21,911.6 23\n Gross margin as a percent of revenue 79.2 % 76.8 %\n Research and development $ 9,313.4 $ 7,190.8 30\n Marketing, selling, and administrative 7,403.1 6,440.4 15\n Acquired IPR&D 3,799.8 908.5 NM\n Asset impairment, restructuring, and other special charges 67.7 244.6 (72)\n Other—net, (income) expense (96.7) 320.9 NM\n Income taxes 1,314.2 561.6 NM\n Effective tax rate 20.1 % 8.3 %\n NM - not meaningful" ]

[ "Year Ended December 31,\n 2023 2022 Percent Change\n Gross margin $ 27,041.9 $ 21,911.6 23\n Gross margin as a percent of revenue 79.2 % 76.8 %\n Research and development $ 9,313.4 $ 7,190.8 30\n Marketing, selling, and administrative 7,403.1 6,440.4 15\n Acquired IPR&D 3,799.8 908.5 NM\n Asset impairment, restructuring, and other special charges 67.7 244.6 (72)\n Other—net, (income) expense (96.7) 320.9 NM\n Income taxes 1,314.2 561.6 NM\n Effective tax rate 20.1 % 8.3 %\n NM - not meaningful" ]

[ "Year Ended December 31,\n 2023 2022 Percent Change\n Gross margin $ 27,041.9 $ 21,911.6 23\n Gross margin as a percent of revenue 79.2 % 76.8 %\n Research and development $ 9,313.4 $ 7,190.8 30\n Marketing, selling, and administrative 7,403.1 6,440.4 15\n Acquired IPR&D 3,799.8 908.5 NM\n Asset impairment, restructuring, and other special charges 67.7 244.6 (72)\n Other—net, (income) expense (96.7) 320.9 NM\n Income taxes 1,314.2 561.6 NM\n Effective tax rate 20.1 % 8.3 %\n NM - not meaningful" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, except per-share data, and shares in\n thousands) Year Ended December 31 2023 2022 2021\n Revenue (Note 2) $ 34,124.1 $ 28,541.4 $ 28,318.4\n Costs, expenses, and other:\n Cost of sales 7,082.2 6,629.8 7,312.8\n Research and development 9,313.4 7,190.8 6,930.7\n Marketing, selling, and administrative 7,403.1 6,440.4 6,431.6\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Asset impairment, restructuring, and other special charges\n (Note 5) 67.7 244.6 316.1\n Other—net, (income) expense (Note 18) (96.7) 320.9 201.6\n 27,569.5 21,735.0 22,162.9\n Income before income taxes 6,554.6 6,806.4 6,155.5\n Income taxes (Note 14) 1,314.2 561.6 573.8\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Earnings per share:\n Basic $ 5.82 $ 6.93 $ 6.15\n Diluted $ 5.80 $ 6.90 $ 6.12\n Shares used in calculation of earnings per share:\n Basic 900,181 901,736 906,963\n Diluted 903,284 904,619 911,681" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, except per-share data, and shares in\n thousands) Year Ended December 31 2023 2022 2021\n Revenue (Note 2) $ 34,124.1 $ 28,541.4 $ 28,318.4\n Costs, expenses, and other:\n Cost of sales 7,082.2 6,629.8 7,312.8\n Research and development 9,313.4 7,190.8 6,930.7\n Marketing, selling, and administrative 7,403.1 6,440.4 6,431.6\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Asset impairment, restructuring, and other special charges\n (Note 5) 67.7 244.6 316.1\n Other—net, (income) expense (Note 18) (96.7) 320.9 201.6\n 27,569.5 21,735.0 22,162.9\n Income before income taxes 6,554.6 6,806.4 6,155.5\n Income taxes (Note 14) 1,314.2 561.6 573.8\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Earnings per share:\n Basic $ 5.82 $ 6.93 $ 6.15\n Diluted $ 5.80 $ 6.90 $ 6.12\n Shares used in calculation of earnings per share:\n Basic 900,181 901,736 906,963\n Diluted 903,284 904,619 911,681" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, except per-share data, and shares in\n thousands) Year Ended December 31 2023 2022 2021\n Revenue (Note 2) $ 34,124.1 $ 28,541.4 $ 28,318.4\n Costs, expenses, and other:\n Cost of sales 7,082.2 6,629.8 7,312.8\n Research and development 9,313.4 7,190.8 6,930.7\n Marketing, selling, and administrative 7,403.1 6,440.4 6,431.6\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Asset impairment, restructuring, and other special charges\n (Note 5) 67.7 244.6 316.1\n Other—net, (income) expense (Note 18) (96.7) 320.9 201.6\n 27,569.5 21,735.0 22,162.9\n Income before income taxes 6,554.6 6,806.4 6,155.5\n Income taxes (Note 14) 1,314.2 561.6 573.8\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Earnings per share:\n Basic $ 5.82 $ 6.93 $ 6.15\n Diluted $ 5.80 $ 6.90 $ 6.12\n Shares used in calculation of earnings per share:\n Basic 900,181 901,736 906,963\n Diluted 903,284 904,619 911,681" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, except per-share data, and shares in\n thousands) Year Ended December 31 2023 2022 2021\n Revenue (Note 2) $ 34,124.1 $ 28,541.4 $ 28,318.4\n Costs, expenses, and other:\n Cost of sales 7,082.2 6,629.8 7,312.8\n Research and development 9,313.4 7,190.8 6,930.7\n Marketing, selling, and administrative 7,403.1 6,440.4 6,431.6\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Asset impairment, restructuring, and other special charges\n (Note 5) 67.7 244.6 316.1\n Other—net, (income) expense (Note 18) (96.7) 320.9 201.6\n 27,569.5 21,735.0 22,162.9\n Income before income taxes 6,554.6 6,806.4 6,155.5\n Income taxes (Note 14) 1,314.2 561.6 573.8\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Earnings per share:\n Basic $ 5.82 $ 6.93 $ 6.15\n Diluted $ 5.80 $ 6.90 $ 6.12\n Shares used in calculation of earnings per share:\n Basic 900,181 901,736 906,963\n Diluted 903,284 904,619 911,681" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, except per-share data, and shares in\n thousands) Year Ended December 31 2023 2022 2021\n Revenue (Note 2) $ 34,124.1 $ 28,541.4 $ 28,318.4\n Costs, expenses, and other:\n Cost of sales 7,082.2 6,629.8 7,312.8\n Research and development 9,313.4 7,190.8 6,930.7\n Marketing, selling, and administrative 7,403.1 6,440.4 6,431.6\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Asset impairment, restructuring, and other special charges\n (Note 5) 67.7 244.6 316.1\n Other—net, (income) expense (Note 18) (96.7) 320.9 201.6\n 27,569.5 21,735.0 22,162.9\n Income before income taxes 6,554.6 6,806.4 6,155.5\n Income taxes (Note 14) 1,314.2 561.6 573.8\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Earnings per share:\n Basic $ 5.82 $ 6.93 $ 6.15\n Diluted $ 5.80 $ 6.90 $ 6.12\n Shares used in calculation of earnings per share:\n Basic 900,181 901,736 906,963\n Diluted 903,284 904,619 911,681" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, except per-share data, and shares in\n thousands) Year Ended December 31 2023 2022 2021\n Revenue (Note 2) $ 34,124.1 $ 28,541.4 $ 28,318.4\n Costs, expenses, and other:\n Cost of sales 7,082.2 6,629.8 7,312.8\n Research and development 9,313.4 7,190.8 6,930.7\n Marketing, selling, and administrative 7,403.1 6,440.4 6,431.6\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Asset impairment, restructuring, and other special charges\n (Note 5) 67.7 244.6 316.1\n Other—net, (income) expense (Note 18) (96.7) 320.9 201.6\n 27,569.5 21,735.0 22,162.9\n Income before income taxes 6,554.6 6,806.4 6,155.5\n Income taxes (Note 14) 1,314.2 561.6 573.8\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Earnings per share:\n Basic $ 5.82 $ 6.93 $ 6.15\n Diluted $ 5.80 $ 6.90 $ 6.12\n Shares used in calculation of earnings per share:\n Basic 900,181 901,736 906,963\n Diluted 903,284 904,619 911,681" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, except per-share data, and shares in\n thousands) Year Ended December 31 2023 2022 2021\n Revenue (Note 2) $ 34,124.1 $ 28,541.4 $ 28,318.4\n Costs, expenses, and other:\n Cost of sales 7,082.2 6,629.8 7,312.8\n Research and development 9,313.4 7,190.8 6,930.7\n Marketing, selling, and administrative 7,403.1 6,440.4 6,431.6\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Asset impairment, restructuring, and other special charges\n (Note 5) 67.7 244.6 316.1\n Other—net, (income) expense (Note 18) (96.7) 320.9 201.6\n 27,569.5 21,735.0 22,162.9\n Income before income taxes 6,554.6 6,806.4 6,155.5\n Income taxes (Note 14) 1,314.2 561.6 573.8\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Earnings per share:\n Basic $ 5.82 $ 6.93 $ 6.15\n Diluted $ 5.80 $ 6.90 $ 6.12\n Shares used in calculation of earnings per share:\n Basic 900,181 901,736 906,963\n Diluted 903,284 904,619 911,681" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, except per-share data, and shares in\n thousands) Year Ended December 31 2023 2022 2021\n Revenue (Note 2) $ 34,124.1 $ 28,541.4 $ 28,318.4\n Costs, expenses, and other:\n Cost of sales 7,082.2 6,629.8 7,312.8\n Research and development 9,313.4 7,190.8 6,930.7\n Marketing, selling, and administrative 7,403.1 6,440.4 6,431.6\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Asset impairment, restructuring, and other special charges\n (Note 5) 67.7 244.6 316.1\n Other—net, (income) expense (Note 18) (96.7) 320.9 201.6\n 27,569.5 21,735.0 22,162.9\n Income before income taxes 6,554.6 6,806.4 6,155.5\n Income taxes (Note 14) 1,314.2 561.6 573.8\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Earnings per share:\n Basic $ 5.82 $ 6.93 $ 6.15\n Diluted $ 5.80 $ 6.90 $ 6.12\n Shares used in calculation of earnings per share:\n Basic 900,181 901,736 906,963\n Diluted 903,284 904,619 911,681" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, except per-share data, and shares in\n thousands) Year Ended December 31 2023 2022 2021\n Revenue (Note 2) $ 34,124.1 $ 28,541.4 $ 28,318.4\n Costs, expenses, and other:\n Cost of sales 7,082.2 6,629.8 7,312.8\n Research and development 9,313.4 7,190.8 6,930.7\n Marketing, selling, and administrative 7,403.1 6,440.4 6,431.6\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Asset impairment, restructuring, and other special charges\n (Note 5) 67.7 244.6 316.1\n Other—net, (income) expense (Note 18) (96.7) 320.9 201.6\n 27,569.5 21,735.0 22,162.9\n Income before income taxes 6,554.6 6,806.4 6,155.5\n Income taxes (Note 14) 1,314.2 561.6 573.8\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Earnings per share:\n Basic $ 5.82 $ 6.93 $ 6.15\n Diluted $ 5.80 $ 6.90 $ 6.12\n Shares used in calculation of earnings per share:\n Basic 900,181 901,736 906,963\n Diluted 903,284 904,619 911,681" ]

[ "2023 2022\n Finished products $ 791.7 $ 901.2\n Work in process 3,248.6 2,597.7\n Raw materials and supplies 1,630.1 801.9\n Total (approximates replacement cost) 5,670.4 4,300.8\n Increase to LIFO cost 102.4 8.9\n Inventories $ 5,772.8 $ 4,309.7" ]

[ "2023 2022\n Finished products $ 791.7 $ 901.2\n Work in process 3,248.6 2,597.7\n Raw materials and supplies 1,630.1 801.9\n Total (approximates replacement cost) 5,670.4 4,300.8\n Increase to LIFO cost 102.4 8.9\n Inventories $ 5,772.8 $ 4,309.7" ]

[ "2023 2022\n Finished products $ 791.7 $ 901.2\n Work in process 3,248.6 2,597.7\n Raw materials and supplies 1,630.1 801.9\n Total (approximates replacement cost) 5,670.4 4,300.8\n Increase to LIFO cost 102.4 8.9\n Inventories $ 5,772.8 $ 4,309.7" ]

[ "2023 2022\n Short-term commercial paper borrowings $ 6,189.4 $ 1,498.0\n Long-term notes 19,104.6 14,815.3\n Other long-term debt 6.5 6.9\n Unamortized debt issuance costs (90.5) (77.2)\n Fair value adjustment on hedged long-term notes 15.3 (4.4)\n Total debt 25,225.3 16,238.6\n Less current portion (6,904.5) (1,501.1)\n Long-term debt $ 18,320.8 $ 14,737.5" ]

[ "2023 2022\n Short-term commercial paper borrowings $ 6,189.4 $ 1,498.0\n Long-term notes 19,104.6 14,815.3\n Other long-term debt 6.5 6.9\n Unamortized debt issuance costs (90.5) (77.2)\n Fair value adjustment on hedged long-term notes 15.3 (4.4)\n Total debt 25,225.3 16,238.6\n Less current portion (6,904.5) (1,501.1)\n Long-term debt $ 18,320.8 $ 14,737.5" ]

[ "2023 2022\n Short-term commercial paper borrowings $ 6,189.4 $ 1,498.0\n Long-term notes 19,104.6 14,815.3\n Other long-term debt 6.5 6.9\n Unamortized debt issuance costs (90.5) (77.2)\n Fair value adjustment on hedged long-term notes 15.3 (4.4)\n Total debt 25,225.3 16,238.6\n Less current portion (6,904.5) (1,501.1)\n Long-term debt $ 18,320.8 $ 14,737.5" ]

[ "Year Ended December 31,\n 2023 2022 Percent Change\n Gross margin $ 27,041.9 $ 21,911.6 23\n Gross margin as a percent of revenue 79.2 % 76.8 %\n Research and development $ 9,313.4 $ 7,190.8 30\n Marketing, selling, and administrative 7,403.1 6,440.4 15\n Acquired IPR&D 3,799.8 908.5 NM\n Asset impairment, restructuring, and other special charges 67.7 244.6 (72)\n Other—net, (income) expense (96.7) 320.9 NM\n Income taxes 1,314.2 561.6 NM\n Effective tax rate 20.1 % 8.3 %\n NM - not meaningful" ]

[ "Year Ended December 31,\n 2023 2022 Percent Change\n Gross margin $ 27,041.9 $ 21,911.6 23\n Gross margin as a percent of revenue 79.2 % 76.8 %\n Research and development $ 9,313.4 $ 7,190.8 30\n Marketing, selling, and administrative 7,403.1 6,440.4 15\n Acquired IPR&D 3,799.8 908.5 NM\n Asset impairment, restructuring, and other special charges 67.7 244.6 (72)\n Other—net, (income) expense (96.7) 320.9 NM\n Income taxes 1,314.2 561.6 NM\n Effective tax rate 20.1 % 8.3 %\n NM - not meaningful" ]

[ "2023 2022\n Deferred tax assets:\n Capitalized research and development $ 2,997.5 $ 1,615.4\n Purchases of intangible assets 1,981.9 2,071.3\n Sales rebates and discounts 1,632.5 1,312.9\n Correlative tax adjustments 1,031.3 752.5\n Tax credit carryforwards 577.0 477.6\n Tax loss and other tax carryforwards 527.2 626.0\n Compensation and benefits 521.4 427.9\n Foreign tax redeterminations 323.7 267.8\n Operating lease liabilities 253.3 147.5\n Other 463.4 361.0\n Total gross deferred tax assets 10,309.2 8,059.9\n Valuation allowances (913.5) (775.1)\n Total deferred tax assets 9,395.7 7,284.8\n Deferred tax liabilities:\n Intangibles (1,338.2) (1,387.9)\n Earnings of foreign subsidiaries (796.6) (1,226.0)\n Inventories (619.5) (639.5)\n Property and equipment (495.2) (433.5)\n Prepaid employee benefits (460.6) (546.5)\n Operating lease assets (237.1) (130.7)\n Financial instruments (75.1) (215.0)\n Total deferred tax liabilities (4,022.3) (4,579.1)\n Deferred tax assets - net $ 5,373.4 $ 2,705.7" ]

[ "2023 2022\n Deferred tax assets:\n Capitalized research and development $ 2,997.5 $ 1,615.4\n Purchases of intangible assets 1,981.9 2,071.3\n Sales rebates and discounts 1,632.5 1,312.9\n Correlative tax adjustments 1,031.3 752.5\n Tax credit carryforwards 577.0 477.6\n Tax loss and other tax carryforwards 527.2 626.0\n Compensation and benefits 521.4 427.9\n Foreign tax redeterminations 323.7 267.8\n Operating lease liabilities 253.3 147.5\n Other 463.4 361.0\n Total gross deferred tax assets 10,309.2 8,059.9\n Valuation allowances (913.5) (775.1)\n Total deferred tax assets 9,395.7 7,284.8\n Deferred tax liabilities:\n Intangibles (1,338.2) (1,387.9)\n Earnings of foreign subsidiaries (796.6) (1,226.0)\n Inventories (619.5) (639.5)\n Property and equipment (495.2) (433.5)\n Prepaid employee benefits (460.6) (546.5)\n Operating lease assets (237.1) (130.7)\n Financial instruments (75.1) (215.0)\n Total deferred tax liabilities (4,022.3) (4,579.1)\n Deferred tax assets - net $ 5,373.4 $ 2,705.7" ]

[ "Equity of Eli Lilly and Company Shareholders\n ELI LILLY AND COMPANY AND\n SUBSIDIARIES\n (Dollars in millions, except per-share\n data, and shares in thousands)\n Common Stock\n Additional\n Paid-in\n Capital\n Retained\n Earnings\n Employee\n Benefit Trust\n Accumulated Other\n Comprehensive Loss\n Common Stock in Treasury\n Noncontrolling\n Shares Amount Shares Amount Interest\n Balance at January 1, 2021 957,077 $ 598.2 $ 6,778.5 $ 7,830.2 $ (3,013.2) $ (6,496.4) 487 $ (55.7) $ 183.6\n Net income 5,581.7 3.4\n Other comprehensive income, net of\n tax 2,153.3\n Cash dividends declared per share:\n $3.53 (3,201.7)\n Retirement of treasury shares (5,412) (3.4) (1,246.6) (5,412) 1,250.0\n Purchase of treasury shares 5,412 (1,250.0)\n Issuance of stock under employee\n stock plans, net 2,451 1.5 (287.9) (24) 3.0\n Stock-based compensation 342.8\n Other (5.1) (11.4)\n Balance at December 31, 2021 954,116 596.3 6,833.4 8,958.5 (3,013.2) (4,343.1) 463 (52.7) 175.6\n Net income (loss) 6,244.8 (20.9)\n Other comprehensive income, net of\n tax 498.5\n Cash dividends declared per share:\n $4.07 (3,667.5)\n Retirement of treasury shares (5,607) (3.5) (1,496.5) (5,607) 1,500.0\n Purchase of treasury shares 5,607 (1,500.0)\n Issuance of stock under employee\n stock plans, net 2,123 1.3 (283.1) (13) 2.2\n Stock-based compensation 371.1\n Other 3.3 (29.1)\n Balance at December 31, 2022 950,632 594.1 6,921.4 10,042.6 (3,013.2) (3,844.6) 450 (50.5) 125.6\n Net income 5,240.4 11.0\n Other comprehensive loss, net of\n tax (482.4)\n Cash dividends declared per share:\n $4.69 (4,221.3)\n Retirement of treasury shares (2,299) (1.4) (748.6) (2,299) 750.0\n Purchase of treasury shares 2,299 (750.0)\n Issuance of stock under employee\n stock plans, net 1,448 0.9 (299.5) (48) 8.8\n Stock-based compensation 628.5\n Other (0.8) (2.5) (44.8)\n Balance at December 31, 2023 949,781 $ 593.6 $ 7,250.4 $ 10,312.3 $ (3,013.2) $ (4,327.0) 402 $ (44.2) $ 91.8" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, shares in thousands) December 31 2023 2022\n Assets\n Current Assets\n Cash and cash equivalents (Note 7) $ 2,818.6 $ 2,067.0\n Short-term investments (Note 7) 109.1 144.8\n Accounts receivable, net of allowances of $14.8 (2023) and $16.0 (2022) 9,090.5 6,896.0\n Other receivables 2,245.7 1,662.9\n Inventories (Note 6) 5,772.8 4,309.7\n Prepaid expenses 5,540.8 2,946.8\n Other current assets 149.5 7.3\n Total current assets 25,727.0 18,034.5\n Investments (Note 7) 3,052.2 2,901.8\n Goodwill (Note 8) 4,939.7 4,073.0\n Other intangibles, net (Note 8) 6,906.6 7,206.6\n Deferred tax assets (Note 14) 5,477.3 2,792.9\n Property and equipment, net (Note 9) 12,913.6 10,144.0\n Other noncurrent assets 4,989.9 4,337.0\n Total assets $ 64,006.3 $ 49,489.8\n Liabilities and Equity\n Current Liabilities\n Short-term borrowings and current maturities of long-term debt (Note 11) $ 6,904.5 $ 1,501.1\n Accounts payable 2,598.8 1,930.6\n Employee compensation 1,650.4 1,059.8\n Sales rebates and discounts 11,689.0 8,784.1\n Dividends payable 1,169.2 1,017.2\n Other current liabilities 3,281.3 2,845.4\n Total current liabilities 27,293.2 17,138.2\n Noncurrent Liabilities\n Long-term debt (Note 11) 18,320.8 14,737.5\n Accrued retirement benefits (Note 15) 1,438.8 1,305.1\n Long-term income taxes payable (Note 14) 3,849.2 3,709.6\n Other noncurrent liabilities 2,240.6 1,824.0\n Total noncurrent liabilities 25,849.4 21,576.2\n Commitments and Contingencies (Note 16)\n Eli Lilly and Company Shareholders' Equity (Notes 12 and 13)\n Common stock—no par value\n Authorized shares: 3,200,000\n Issued shares: 949,781 (2023) and 950,632 (2022) 593.6 594.1\n Additional paid-in capital 7,250.4 6,921.4\n Retained earnings 10,312.3 10,042.6\n Employee benefit trust (3,013.2) (3,013.2)\n Accumulated other comprehensive loss (Note 17) (4,327.0) (3,844.6)\n Cost of common stock in treasury (44.2) (50.5)\n Total Eli Lilly and Company shareholders' equity 10,771.9 10,649.8\n Noncontrolling interests 91.8 125.6\n Total equity 10,863.7 10,775.4\n Total liabilities and equity $ 64,006.3 $ 49,489.8" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions) Year Ended December 31 2023 2022 2021\n Cash Flows from Operating Activities\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Adjustments to Reconcile Net Income to Cash Flows from Operating Activities:\n Depreciation and amortization 1,527.3 1,522.5 1,547.6\n Debt extinguishment loss (Note 11) — — 405.2\n Change in deferred income taxes (2,341.0) (2,185.2) (802.3)\n Stock-based compensation expense 628.5 371.1 342.8\n Net investment (gains) losses 23.5 420.0 (178.0)\n Gains on sale of product rights (1,878.9) (156.5) (216.0)\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Other operating activities, net 295.5 461.3 727.4\n Other changes in operating assets and liabilities, net of acquisitions and\n divestitures:\n Receivables—(increase) decrease (2,451.0) (299.6) (1,278.3)\n Inventories—(increase) decrease (1,425.0) (599.7) (235.9)\n Other assets—(increase) decrease (3,453.4) (793.5) 1,515.4\n Accounts payable and other liabilities—increase (decrease) 4,274.4 1,692.0 (1,013.8)\n Net Cash Provided by Operating Activities 4,240.1 7,585.7 7,365.9\n Cash Flows from Investing Activities\n Purchases of property and equipment (3,447.6) (1,854.3) (1,309.8)\n Proceeds from sales and maturities of short-term investments 192.2 121.4 47.4\n Purchases of short-term investments (98.2) (107.4) (83.5)\n Proceeds from sales of and distributions from noncurrent investments 508.1 342.2 800.0\n Purchases of noncurrent investments (730.8) (600.2) (929.9)\n Proceeds from sale of product rights 1,604.3 95.8 216.0\n Purchases of in-process research and development (3,944.5) (1,131.0) (668.6)\n Cash paid for acquisitions, net of cash acquired (Note 3) (1,044.3) (327.2) (747.4)\n Other investing activities, net (191.9) (302.2) (191.7)\n Net Cash Used for Investing Activities (7,152.7) (3,762.9) (2,867.5)\n Cash Flows from Financing Activities\n Dividends paid (4,069.3) (3,535.8) (3,086.8)\n Net change in short-term borrowings 4,691.4 1,498.0 (4.0)\n Proceeds from issuance of long-term debt 3,958.5 — 2,410.8\n Repayments of long-term debt — (1,560.0) (1,905.4)\n Purchases of common stock (750.0) (1,500.0) (1,250.0)\n Other financing activities, net (335.0) (308.9) (295.9)\n Net Cash Provided by (Used for) Financing Activities 3,495.6 (5,406.7) (4,131.3)\n Effect of exchange rate changes on cash and cash equivalents 168.6 (167.6) (205.7)\n Net increase (decrease) in cash and cash equivalents 751.6 (1,751.5) 161.4\n Cash and cash equivalents at beginning of year 2,067.0 3,818.5 3,657.1\n Cash and Cash Equivalents at End of Year $ 2,818.6 $ 2,067.0 $ 3,818.5" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions) Year Ended December 31 2023 2022 2021\n Cash Flows from Operating Activities\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Adjustments to Reconcile Net Income to Cash Flows from Operating Activities:\n Depreciation and amortization 1,527.3 1,522.5 1,547.6\n Debt extinguishment loss (Note 11) — — 405.2\n Change in deferred income taxes (2,341.0) (2,185.2) (802.3)\n Stock-based compensation expense 628.5 371.1 342.8\n Net investment (gains) losses 23.5 420.0 (178.0)\n Gains on sale of product rights (1,878.9) (156.5) (216.0)\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Other operating activities, net 295.5 461.3 727.4\n Other changes in operating assets and liabilities, net of acquisitions and\n divestitures:\n Receivables—(increase) decrease (2,451.0) (299.6) (1,278.3)\n Inventories—(increase) decrease (1,425.0) (599.7) (235.9)\n Other assets—(increase) decrease (3,453.4) (793.5) 1,515.4\n Accounts payable and other liabilities—increase (decrease) 4,274.4 1,692.0 (1,013.8)\n Net Cash Provided by Operating Activities 4,240.1 7,585.7 7,365.9\n Cash Flows from Investing Activities\n Purchases of property and equipment (3,447.6) (1,854.3) (1,309.8)\n Proceeds from sales and maturities of short-term investments 192.2 121.4 47.4\n Purchases of short-term investments (98.2) (107.4) (83.5)\n Proceeds from sales of and distributions from noncurrent investments 508.1 342.2 800.0\n Purchases of noncurrent investments (730.8) (600.2) (929.9)\n Proceeds from sale of product rights 1,604.3 95.8 216.0\n Purchases of in-process research and development (3,944.5) (1,131.0) (668.6)\n Cash paid for acquisitions, net of cash acquired (Note 3) (1,044.3) (327.2) (747.4)\n Other investing activities, net (191.9) (302.2) (191.7)\n Net Cash Used for Investing Activities (7,152.7) (3,762.9) (2,867.5)\n Cash Flows from Financing Activities\n Dividends paid (4,069.3) (3,535.8) (3,086.8)\n Net change in short-term borrowings 4,691.4 1,498.0 (4.0)\n Proceeds from issuance of long-term debt 3,958.5 — 2,410.8\n Repayments of long-term debt — (1,560.0) (1,905.4)\n Purchases of common stock (750.0) (1,500.0) (1,250.0)\n Other financing activities, net (335.0) (308.9) (295.9)\n Net Cash Provided by (Used for) Financing Activities 3,495.6 (5,406.7) (4,131.3)\n Effect of exchange rate changes on cash and cash equivalents 168.6 (167.6) (205.7)\n Net increase (decrease) in cash and cash equivalents 751.6 (1,751.5) 161.4\n Cash and cash equivalents at beginning of year 2,067.0 3,818.5 3,657.1\n Cash and Cash Equivalents at End of Year $ 2,818.6 $ 2,067.0 $ 3,818.5" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, shares in thousands) December 31 2023 2022\n Assets\n Current Assets\n Cash and cash equivalents (Note 7) $ 2,818.6 $ 2,067.0\n Short-term investments (Note 7) 109.1 144.8\n Accounts receivable, net of allowances of $14.8 (2023) and $16.0 (2022) 9,090.5 6,896.0\n Other receivables 2,245.7 1,662.9\n Inventories (Note 6) 5,772.8 4,309.7\n Prepaid expenses 5,540.8 2,946.8\n Other current assets 149.5 7.3\n Total current assets 25,727.0 18,034.5\n Investments (Note 7) 3,052.2 2,901.8\n Goodwill (Note 8) 4,939.7 4,073.0\n Other intangibles, net (Note 8) 6,906.6 7,206.6\n Deferred tax assets (Note 14) 5,477.3 2,792.9\n Property and equipment, net (Note 9) 12,913.6 10,144.0\n Other noncurrent assets 4,989.9 4,337.0\n Total assets $ 64,006.3 $ 49,489.8\n Liabilities and Equity\n Current Liabilities\n Short-term borrowings and current maturities of long-term debt (Note 11) $ 6,904.5 $ 1,501.1\n Accounts payable 2,598.8 1,930.6\n Employee compensation 1,650.4 1,059.8\n Sales rebates and discounts 11,689.0 8,784.1\n Dividends payable 1,169.2 1,017.2\n Other current liabilities 3,281.3 2,845.4\n Total current liabilities 27,293.2 17,138.2\n Noncurrent Liabilities\n Long-term debt (Note 11) 18,320.8 14,737.5\n Accrued retirement benefits (Note 15) 1,438.8 1,305.1\n Long-term income taxes payable (Note 14) 3,849.2 3,709.6\n Other noncurrent liabilities 2,240.6 1,824.0\n Total noncurrent liabilities 25,849.4 21,576.2\n Commitments and Contingencies (Note 16)\n Eli Lilly and Company Shareholders' Equity (Notes 12 and 13)\n Common stock—no par value\n Authorized shares: 3,200,000\n Issued shares: 949,781 (2023) and 950,632 (2022) 593.6 594.1\n Additional paid-in capital 7,250.4 6,921.4\n Retained earnings 10,312.3 10,042.6\n Employee benefit trust (3,013.2) (3,013.2)\n Accumulated other comprehensive loss (Note 17) (4,327.0) (3,844.6)\n Cost of common stock in treasury (44.2) (50.5)\n Total Eli Lilly and Company shareholders' equity 10,771.9 10,649.8\n Noncontrolling interests 91.8 125.6\n Total equity 10,863.7 10,775.4\n Total liabilities and equity $ 64,006.3 $ 49,489.8" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, shares in thousands) December 31 2023 2022\n Assets\n Current Assets\n Cash and cash equivalents (Note 7) $ 2,818.6 $ 2,067.0\n Short-term investments (Note 7) 109.1 144.8\n Accounts receivable, net of allowances of $14.8 (2023) and $16.0 (2022) 9,090.5 6,896.0\n Other receivables 2,245.7 1,662.9\n Inventories (Note 6) 5,772.8 4,309.7\n Prepaid expenses 5,540.8 2,946.8\n Other current assets 149.5 7.3\n Total current assets 25,727.0 18,034.5\n Investments (Note 7) 3,052.2 2,901.8\n Goodwill (Note 8) 4,939.7 4,073.0\n Other intangibles, net (Note 8) 6,906.6 7,206.6\n Deferred tax assets (Note 14) 5,477.3 2,792.9\n Property and equipment, net (Note 9) 12,913.6 10,144.0\n Other noncurrent assets 4,989.9 4,337.0\n Total assets $ 64,006.3 $ 49,489.8\n Liabilities and Equity\n Current Liabilities\n Short-term borrowings and current maturities of long-term debt (Note 11) $ 6,904.5 $ 1,501.1\n Accounts payable 2,598.8 1,930.6\n Employee compensation 1,650.4 1,059.8\n Sales rebates and discounts 11,689.0 8,784.1\n Dividends payable 1,169.2 1,017.2\n Other current liabilities 3,281.3 2,845.4\n Total current liabilities 27,293.2 17,138.2\n Noncurrent Liabilities\n Long-term debt (Note 11) 18,320.8 14,737.5\n Accrued retirement benefits (Note 15) 1,438.8 1,305.1\n Long-term income taxes payable (Note 14) 3,849.2 3,709.6\n Other noncurrent liabilities 2,240.6 1,824.0\n Total noncurrent liabilities 25,849.4 21,576.2\n Commitments and Contingencies (Note 16)\n Eli Lilly and Company Shareholders' Equity (Notes 12 and 13)\n Common stock—no par value\n Authorized shares: 3,200,000\n Issued shares: 949,781 (2023) and 950,632 (2022) 593.6 594.1\n Additional paid-in capital 7,250.4 6,921.4\n Retained earnings 10,312.3 10,042.6\n Employee benefit trust (3,013.2) (3,013.2)\n Accumulated other comprehensive loss (Note 17) (4,327.0) (3,844.6)\n Cost of common stock in treasury (44.2) (50.5)\n Total Eli Lilly and Company shareholders' equity 10,771.9 10,649.8\n Noncontrolling interests 91.8 125.6\n Total equity 10,863.7 10,775.4\n Total liabilities and equity $ 64,006.3 $ 49,489.8" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, shares in thousands) December 31 2023 2022\n Assets\n Current Assets\n Cash and cash equivalents (Note 7) $ 2,818.6 $ 2,067.0\n Short-term investments (Note 7) 109.1 144.8\n Accounts receivable, net of allowances of $14.8 (2023) and $16.0 (2022) 9,090.5 6,896.0\n Other receivables 2,245.7 1,662.9\n Inventories (Note 6) 5,772.8 4,309.7\n Prepaid expenses 5,540.8 2,946.8\n Other current assets 149.5 7.3\n Total current assets 25,727.0 18,034.5\n Investments (Note 7) 3,052.2 2,901.8\n Goodwill (Note 8) 4,939.7 4,073.0\n Other intangibles, net (Note 8) 6,906.6 7,206.6\n Deferred tax assets (Note 14) 5,477.3 2,792.9\n Property and equipment, net (Note 9) 12,913.6 10,144.0\n Other noncurrent assets 4,989.9 4,337.0\n Total assets $ 64,006.3 $ 49,489.8\n Liabilities and Equity\n Current Liabilities\n Short-term borrowings and current maturities of long-term debt (Note 11) $ 6,904.5 $ 1,501.1\n Accounts payable 2,598.8 1,930.6\n Employee compensation 1,650.4 1,059.8\n Sales rebates and discounts 11,689.0 8,784.1\n Dividends payable 1,169.2 1,017.2\n Other current liabilities 3,281.3 2,845.4\n Total current liabilities 27,293.2 17,138.2\n Noncurrent Liabilities\n Long-term debt (Note 11) 18,320.8 14,737.5\n Accrued retirement benefits (Note 15) 1,438.8 1,305.1\n Long-term income taxes payable (Note 14) 3,849.2 3,709.6\n Other noncurrent liabilities 2,240.6 1,824.0\n Total noncurrent liabilities 25,849.4 21,576.2\n Commitments and Contingencies (Note 16)\n Eli Lilly and Company Shareholders' Equity (Notes 12 and 13)\n Common stock—no par value\n Authorized shares: 3,200,000\n Issued shares: 949,781 (2023) and 950,632 (2022) 593.6 594.1\n Additional paid-in capital 7,250.4 6,921.4\n Retained earnings 10,312.3 10,042.6\n Employee benefit trust (3,013.2) (3,013.2)\n Accumulated other comprehensive loss (Note 17) (4,327.0) (3,844.6)\n Cost of common stock in treasury (44.2) (50.5)\n Total Eli Lilly and Company shareholders' equity 10,771.9 10,649.8\n Noncontrolling interests 91.8 125.6\n Total equity 10,863.7 10,775.4\n Total liabilities and equity $ 64,006.3 $ 49,489.8" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, shares in thousands) December 31 2023 2022\n Assets\n Current Assets\n Cash and cash equivalents (Note 7) $ 2,818.6 $ 2,067.0\n Short-term investments (Note 7) 109.1 144.8\n Accounts receivable, net of allowances of $14.8 (2023) and $16.0 (2022) 9,090.5 6,896.0\n Other receivables 2,245.7 1,662.9\n Inventories (Note 6) 5,772.8 4,309.7\n Prepaid expenses 5,540.8 2,946.8\n Other current assets 149.5 7.3\n Total current assets 25,727.0 18,034.5\n Investments (Note 7) 3,052.2 2,901.8\n Goodwill (Note 8) 4,939.7 4,073.0\n Other intangibles, net (Note 8) 6,906.6 7,206.6\n Deferred tax assets (Note 14) 5,477.3 2,792.9\n Property and equipment, net (Note 9) 12,913.6 10,144.0\n Other noncurrent assets 4,989.9 4,337.0\n Total assets $ 64,006.3 $ 49,489.8\n Liabilities and Equity\n Current Liabilities\n Short-term borrowings and current maturities of long-term debt (Note 11) $ 6,904.5 $ 1,501.1\n Accounts payable 2,598.8 1,930.6\n Employee compensation 1,650.4 1,059.8\n Sales rebates and discounts 11,689.0 8,784.1\n Dividends payable 1,169.2 1,017.2\n Other current liabilities 3,281.3 2,845.4\n Total current liabilities 27,293.2 17,138.2\n Noncurrent Liabilities\n Long-term debt (Note 11) 18,320.8 14,737.5\n Accrued retirement benefits (Note 15) 1,438.8 1,305.1\n Long-term income taxes payable (Note 14) 3,849.2 3,709.6\n Other noncurrent liabilities 2,240.6 1,824.0\n Total noncurrent liabilities 25,849.4 21,576.2\n Commitments and Contingencies (Note 16)\n Eli Lilly and Company Shareholders' Equity (Notes 12 and 13)\n Common stock—no par value\n Authorized shares: 3,200,000\n Issued shares: 949,781 (2023) and 950,632 (2022) 593.6 594.1\n Additional paid-in capital 7,250.4 6,921.4\n Retained earnings 10,312.3 10,042.6\n Employee benefit trust (3,013.2) (3,013.2)\n Accumulated other comprehensive loss (Note 17) (4,327.0) (3,844.6)\n Cost of common stock in treasury (44.2) (50.5)\n Total Eli Lilly and Company shareholders' equity 10,771.9 10,649.8\n Noncontrolling interests 91.8 125.6\n Total equity 10,863.7 10,775.4\n Total liabilities and equity $ 64,006.3 $ 49,489.8" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, shares in thousands) December 31 2023 2022\n Assets\n Current Assets\n Cash and cash equivalents (Note 7) $ 2,818.6 $ 2,067.0\n Short-term investments (Note 7) 109.1 144.8\n Accounts receivable, net of allowances of $14.8 (2023) and $16.0 (2022) 9,090.5 6,896.0\n Other receivables 2,245.7 1,662.9\n Inventories (Note 6) 5,772.8 4,309.7\n Prepaid expenses 5,540.8 2,946.8\n Other current assets 149.5 7.3\n Total current assets 25,727.0 18,034.5\n Investments (Note 7) 3,052.2 2,901.8\n Goodwill (Note 8) 4,939.7 4,073.0\n Other intangibles, net (Note 8) 6,906.6 7,206.6\n Deferred tax assets (Note 14) 5,477.3 2,792.9\n Property and equipment, net (Note 9) 12,913.6 10,144.0\n Other noncurrent assets 4,989.9 4,337.0\n Total assets $ 64,006.3 $ 49,489.8\n Liabilities and Equity\n Current Liabilities\n Short-term borrowings and current maturities of long-term debt (Note 11) $ 6,904.5 $ 1,501.1\n Accounts payable 2,598.8 1,930.6\n Employee compensation 1,650.4 1,059.8\n Sales rebates and discounts 11,689.0 8,784.1\n Dividends payable 1,169.2 1,017.2\n Other current liabilities 3,281.3 2,845.4\n Total current liabilities 27,293.2 17,138.2\n Noncurrent Liabilities\n Long-term debt (Note 11) 18,320.8 14,737.5\n Accrued retirement benefits (Note 15) 1,438.8 1,305.1\n Long-term income taxes payable (Note 14) 3,849.2 3,709.6\n Other noncurrent liabilities 2,240.6 1,824.0\n Total noncurrent liabilities 25,849.4 21,576.2\n Commitments and Contingencies (Note 16)\n Eli Lilly and Company Shareholders' Equity (Notes 12 and 13)\n Common stock—no par value\n Authorized shares: 3,200,000\n Issued shares: 949,781 (2023) and 950,632 (2022) 593.6 594.1\n Additional paid-in capital 7,250.4 6,921.4\n Retained earnings 10,312.3 10,042.6\n Employee benefit trust (3,013.2) (3,013.2)\n Accumulated other comprehensive loss (Note 17) (4,327.0) (3,844.6)\n Cost of common stock in treasury (44.2) (50.5)\n Total Eli Lilly and Company shareholders' equity 10,771.9 10,649.8\n Noncontrolling interests 91.8 125.6\n Total equity 10,863.7 10,775.4\n Total liabilities and equity $ 64,006.3 $ 49,489.8" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, shares in thousands) December 31 2023 2022\n Assets\n Current Assets\n Cash and cash equivalents (Note 7) $ 2,818.6 $ 2,067.0\n Short-term investments (Note 7) 109.1 144.8\n Accounts receivable, net of allowances of $14.8 (2023) and $16.0 (2022) 9,090.5 6,896.0\n Other receivables 2,245.7 1,662.9\n Inventories (Note 6) 5,772.8 4,309.7\n Prepaid expenses 5,540.8 2,946.8\n Other current assets 149.5 7.3\n Total current assets 25,727.0 18,034.5\n Investments (Note 7) 3,052.2 2,901.8\n Goodwill (Note 8) 4,939.7 4,073.0\n Other intangibles, net (Note 8) 6,906.6 7,206.6\n Deferred tax assets (Note 14) 5,477.3 2,792.9\n Property and equipment, net (Note 9) 12,913.6 10,144.0\n Other noncurrent assets 4,989.9 4,337.0\n Total assets $ 64,006.3 $ 49,489.8\n Liabilities and Equity\n Current Liabilities\n Short-term borrowings and current maturities of long-term debt (Note 11) $ 6,904.5 $ 1,501.1\n Accounts payable 2,598.8 1,930.6\n Employee compensation 1,650.4 1,059.8\n Sales rebates and discounts 11,689.0 8,784.1\n Dividends payable 1,169.2 1,017.2\n Other current liabilities 3,281.3 2,845.4\n Total current liabilities 27,293.2 17,138.2\n Noncurrent Liabilities\n Long-term debt (Note 11) 18,320.8 14,737.5\n Accrued retirement benefits (Note 15) 1,438.8 1,305.1\n Long-term income taxes payable (Note 14) 3,849.2 3,709.6\n Other noncurrent liabilities 2,240.6 1,824.0\n Total noncurrent liabilities 25,849.4 21,576.2\n Commitments and Contingencies (Note 16)\n Eli Lilly and Company Shareholders' Equity (Notes 12 and 13)\n Common stock—no par value\n Authorized shares: 3,200,000\n Issued shares: 949,781 (2023) and 950,632 (2022) 593.6 594.1\n Additional paid-in capital 7,250.4 6,921.4\n Retained earnings 10,312.3 10,042.6\n Employee benefit trust (3,013.2) (3,013.2)\n Accumulated other comprehensive loss (Note 17) (4,327.0) (3,844.6)\n Cost of common stock in treasury (44.2) (50.5)\n Total Eli Lilly and Company shareholders' equity 10,771.9 10,649.8\n Noncontrolling interests 91.8 125.6\n Total equity 10,863.7 10,775.4\n Total liabilities and equity $ 64,006.3 $ 49,489.8" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions) Year Ended December 31 2023 2022 2021\n Cash Flows from Operating Activities\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Adjustments to Reconcile Net Income to Cash Flows from Operating Activities:\n Depreciation and amortization 1,527.3 1,522.5 1,547.6\n Debt extinguishment loss (Note 11) — — 405.2\n Change in deferred income taxes (2,341.0) (2,185.2) (802.3)\n Stock-based compensation expense 628.5 371.1 342.8\n Net investment (gains) losses 23.5 420.0 (178.0)\n Gains on sale of product rights (1,878.9) (156.5) (216.0)\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Other operating activities, net 295.5 461.3 727.4\n Other changes in operating assets and liabilities, net of acquisitions and\n divestitures:\n Receivables—(increase) decrease (2,451.0) (299.6) (1,278.3)\n Inventories—(increase) decrease (1,425.0) (599.7) (235.9)\n Other assets—(increase) decrease (3,453.4) (793.5) 1,515.4\n Accounts payable and other liabilities—increase (decrease) 4,274.4 1,692.0 (1,013.8)\n Net Cash Provided by Operating Activities 4,240.1 7,585.7 7,365.9\n Cash Flows from Investing Activities\n Purchases of property and equipment (3,447.6) (1,854.3) (1,309.8)\n Proceeds from sales and maturities of short-term investments 192.2 121.4 47.4\n Purchases of short-term investments (98.2) (107.4) (83.5)\n Proceeds from sales of and distributions from noncurrent investments 508.1 342.2 800.0\n Purchases of noncurrent investments (730.8) (600.2) (929.9)\n Proceeds from sale of product rights 1,604.3 95.8 216.0\n Purchases of in-process research and development (3,944.5) (1,131.0) (668.6)\n Cash paid for acquisitions, net of cash acquired (Note 3) (1,044.3) (327.2) (747.4)\n Other investing activities, net (191.9) (302.2) (191.7)\n Net Cash Used for Investing Activities (7,152.7) (3,762.9) (2,867.5)\n Cash Flows from Financing Activities\n Dividends paid (4,069.3) (3,535.8) (3,086.8)\n Net change in short-term borrowings 4,691.4 1,498.0 (4.0)\n Proceeds from issuance of long-term debt 3,958.5 — 2,410.8\n Repayments of long-term debt — (1,560.0) (1,905.4)\n Purchases of common stock (750.0) (1,500.0) (1,250.0)\n Other financing activities, net (335.0) (308.9) (295.9)\n Net Cash Provided by (Used for) Financing Activities 3,495.6 (5,406.7) (4,131.3)\n Effect of exchange rate changes on cash and cash equivalents 168.6 (167.6) (205.7)\n Net increase (decrease) in cash and cash equivalents 751.6 (1,751.5) 161.4\n Cash and cash equivalents at beginning of year 2,067.0 3,818.5 3,657.1\n Cash and Cash Equivalents at End of Year $ 2,818.6 $ 2,067.0 $ 3,818.5" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions) Year Ended December 31 2023 2022 2021\n Cash Flows from Operating Activities\n Net income $ 5,240.4 $ 6,244.8 $ 5,581.7\n Adjustments to Reconcile Net Income to Cash Flows from Operating Activities:\n Depreciation and amortization 1,527.3 1,522.5 1,547.6\n Debt extinguishment loss (Note 11) — — 405.2\n Change in deferred income taxes (2,341.0) (2,185.2) (802.3)\n Stock-based compensation expense 628.5 371.1 342.8\n Net investment (gains) losses 23.5 420.0 (178.0)\n Gains on sale of product rights (1,878.9) (156.5) (216.0)\n Acquired in-process research and development (Note 3) 3,799.8 908.5 970.1\n Other operating activities, net 295.5 461.3 727.4\n Other changes in operating assets and liabilities, net of acquisitions and\n divestitures:\n Receivables—(increase) decrease (2,451.0) (299.6) (1,278.3)\n Inventories—(increase) decrease (1,425.0) (599.7) (235.9)\n Other assets—(increase) decrease (3,453.4) (793.5) 1,515.4\n Accounts payable and other liabilities—increase (decrease) 4,274.4 1,692.0 (1,013.8)\n Net Cash Provided by Operating Activities 4,240.1 7,585.7 7,365.9\n Cash Flows from Investing Activities\n Purchases of property and equipment (3,447.6) (1,854.3) (1,309.8)\n Proceeds from sales and maturities of short-term investments 192.2 121.4 47.4\n Purchases of short-term investments (98.2) (107.4) (83.5)\n Proceeds from sales of and distributions from noncurrent investments 508.1 342.2 800.0\n Purchases of noncurrent investments (730.8) (600.2) (929.9)\n Proceeds from sale of product rights 1,604.3 95.8 216.0\n Purchases of in-process research and development (3,944.5) (1,131.0) (668.6)\n Cash paid for acquisitions, net of cash acquired (Note 3) (1,044.3) (327.2) (747.4)\n Other investing activities, net (191.9) (302.2) (191.7)\n Net Cash Used for Investing Activities (7,152.7) (3,762.9) (2,867.5)\n Cash Flows from Financing Activities\n Dividends paid (4,069.3) (3,535.8) (3,086.8)\n Net change in short-term borrowings 4,691.4 1,498.0 (4.0)\n Proceeds from issuance of long-term debt 3,958.5 — 2,410.8\n Repayments of long-term debt — (1,560.0) (1,905.4)\n Purchases of common stock (750.0) (1,500.0) (1,250.0)\n Other financing activities, net (335.0) (308.9) (295.9)\n Net Cash Provided by (Used for) Financing Activities 3,495.6 (5,406.7) (4,131.3)\n Effect of exchange rate changes on cash and cash equivalents 168.6 (167.6) (205.7)\n Net increase (decrease) in cash and cash equivalents 751.6 (1,751.5) 161.4\n Cash and cash equivalents at beginning of year 2,067.0 3,818.5 3,657.1\n Cash and Cash Equivalents at End of Year $ 2,818.6 $ 2,067.0 $ 3,818.5" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, shares in thousands) December 31 2023 2022\n Assets\n Current Assets\n Cash and cash equivalents (Note 7) $ 2,818.6 $ 2,067.0\n Short-term investments (Note 7) 109.1 144.8\n Accounts receivable, net of allowances of $14.8 (2023) and $16.0 (2022) 9,090.5 6,896.0\n Other receivables 2,245.7 1,662.9\n Inventories (Note 6) 5,772.8 4,309.7\n Prepaid expenses 5,540.8 2,946.8\n Other current assets 149.5 7.3\n Total current assets 25,727.0 18,034.5\n Investments (Note 7) 3,052.2 2,901.8\n Goodwill (Note 8) 4,939.7 4,073.0\n Other intangibles, net (Note 8) 6,906.6 7,206.6\n Deferred tax assets (Note 14) 5,477.3 2,792.9\n Property and equipment, net (Note 9) 12,913.6 10,144.0\n Other noncurrent assets 4,989.9 4,337.0\n Total assets $ 64,006.3 $ 49,489.8\n Liabilities and Equity\n Current Liabilities\n Short-term borrowings and current maturities of long-term debt (Note 11) $ 6,904.5 $ 1,501.1\n Accounts payable 2,598.8 1,930.6\n Employee compensation 1,650.4 1,059.8\n Sales rebates and discounts 11,689.0 8,784.1\n Dividends payable 1,169.2 1,017.2\n Other current liabilities 3,281.3 2,845.4\n Total current liabilities 27,293.2 17,138.2\n Noncurrent Liabilities\n Long-term debt (Note 11) 18,320.8 14,737.5\n Accrued retirement benefits (Note 15) 1,438.8 1,305.1\n Long-term income taxes payable (Note 14) 3,849.2 3,709.6\n Other noncurrent liabilities 2,240.6 1,824.0\n Total noncurrent liabilities 25,849.4 21,576.2\n Commitments and Contingencies (Note 16)\n Eli Lilly and Company Shareholders' Equity (Notes 12 and 13)\n Common stock—no par value\n Authorized shares: 3,200,000\n Issued shares: 949,781 (2023) and 950,632 (2022) 593.6 594.1\n Additional paid-in capital 7,250.4 6,921.4\n Retained earnings 10,312.3 10,042.6\n Employee benefit trust (3,013.2) (3,013.2)\n Accumulated other comprehensive loss (Note 17) (4,327.0) (3,844.6)\n Cost of common stock in treasury (44.2) (50.5)\n Total Eli Lilly and Company shareholders' equity 10,771.9 10,649.8\n Noncontrolling interests 91.8 125.6\n Total equity 10,863.7 10,775.4\n Total liabilities and equity $ 64,006.3 $ 49,489.8" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, shares in thousands) December 31 2023 2022\n Assets\n Current Assets\n Cash and cash equivalents (Note 7) $ 2,818.6 $ 2,067.0\n Short-term investments (Note 7) 109.1 144.8\n Accounts receivable, net of allowances of $14.8 (2023) and $16.0 (2022) 9,090.5 6,896.0\n Other receivables 2,245.7 1,662.9\n Inventories (Note 6) 5,772.8 4,309.7\n Prepaid expenses 5,540.8 2,946.8\n Other current assets 149.5 7.3\n Total current assets 25,727.0 18,034.5\n Investments (Note 7) 3,052.2 2,901.8\n Goodwill (Note 8) 4,939.7 4,073.0\n Other intangibles, net (Note 8) 6,906.6 7,206.6\n Deferred tax assets (Note 14) 5,477.3 2,792.9\n Property and equipment, net (Note 9) 12,913.6 10,144.0\n Other noncurrent assets 4,989.9 4,337.0\n Total assets $ 64,006.3 $ 49,489.8\n Liabilities and Equity\n Current Liabilities\n Short-term borrowings and current maturities of long-term debt (Note 11) $ 6,904.5 $ 1,501.1\n Accounts payable 2,598.8 1,930.6\n Employee compensation 1,650.4 1,059.8\n Sales rebates and discounts 11,689.0 8,784.1\n Dividends payable 1,169.2 1,017.2\n Other current liabilities 3,281.3 2,845.4\n Total current liabilities 27,293.2 17,138.2\n Noncurrent Liabilities\n Long-term debt (Note 11) 18,320.8 14,737.5\n Accrued retirement benefits (Note 15) 1,438.8 1,305.1\n Long-term income taxes payable (Note 14) 3,849.2 3,709.6\n Other noncurrent liabilities 2,240.6 1,824.0\n Total noncurrent liabilities 25,849.4 21,576.2\n Commitments and Contingencies (Note 16)\n Eli Lilly and Company Shareholders' Equity (Notes 12 and 13)\n Common stock—no par value\n Authorized shares: 3,200,000\n Issued shares: 949,781 (2023) and 950,632 (2022) 593.6 594.1\n Additional paid-in capital 7,250.4 6,921.4\n Retained earnings 10,312.3 10,042.6\n Employee benefit trust (3,013.2) (3,013.2)\n Accumulated other comprehensive loss (Note 17) (4,327.0) (3,844.6)\n Cost of common stock in treasury (44.2) (50.5)\n Total Eli Lilly and Company shareholders' equity 10,771.9 10,649.8\n Noncontrolling interests 91.8 125.6\n Total equity 10,863.7 10,775.4\n Total liabilities and equity $ 64,006.3 $ 49,489.8" ]

[ "ELI LILLY AND COMPANY AND SUBSIDIARIES\n (Dollars in millions, shares in thousands) December 31 2023 2022\n Assets\n Current Assets\n Cash and cash equivalents (Note 7) $ 2,818.6 $ 2,067.0\n Short-term investments (Note 7) 109.1 144.8\n Accounts receivable, net of allowances of $14.8 (2023) and $16.0 (2022) 9,090.5 6,896.0\n Other receivables 2,245.7 1,662.9\n Inventories (Note 6) 5,772.8 4,309.7\n Prepaid expenses 5,540.8 2,946.8\n Other current assets 149.5 7.3\n Total current assets 25,727.0 18,034.5\n Investments (Note 7) 3,052.2 2,901.8\n Goodwill (Note 8) 4,939.7 4,073.0\n Other intangibles, net (Note 8) 6,906.6 7,206.6\n Deferred tax assets (Note 14) 5,477.3 2,792.9\n Property and equipment, net (Note 9) 12,913.6 10,144.0\n Other noncurrent assets 4,989.9 4,337.0\n Total assets $ 64,006.3 $ 49,489.8\n Liabilities and Equity\n Current Liabilities\n Short-term borrowings and current maturities of long-term debt (Note 11) $ 6,904.5 $ 1,501.1\n Accounts payable 2,598.8 1,930.6\n Employee compensation 1,650.4 1,059.8\n Sales rebates and discounts 11,689.0 8,784.1\n Dividends payable 1,169.2 1,017.2\n Other current liabilities 3,281.3 2,845.4\n Total current liabilities 27,293.2 17,138.2\n Noncurrent Liabilities\n Long-term debt (Note 11) 18,320.8 14,737.5\n Accrued retirement benefits (Note 15) 1,438.8 1,305.1\n Long-term income taxes payable (Note 14) 3,849.2 3,709.6\n Other noncurrent liabilities 2,240.6 1,824.0\n Total noncurrent liabilities 25,849.4 21,576.2\n Commitments and Contingencies (Note 16)\n Eli Lilly and Company Shareholders' Equity (Notes 12 and 13)\n Common stock—no par value\n Authorized shares: 3,200,000\n Issued shares: 949,781 (2023) and 950,632 (2022) 593.6 594.1\n Additional paid-in capital 7,250.4 6,921.4\n Retained earnings 10,312.3 10,042.6\n Employee benefit trust (3,013.2) (3,013.2)\n Accumulated other comprehensive loss (Note 17) (4,327.0) (3,844.6)\n Cost of common stock in treasury (44.2) (50.5)\n Total Eli Lilly and Company shareholders' equity 10,771.9 10,649.8\n Noncontrolling interests 91.8 125.6\n Total equity 10,863.7 10,775.4\n Total liabilities and equity $ 64,006.3 $ 49,489.8" ]

[ "Financial Operations Overview\n Revenue\n Net product sales\n Net product sales by customer geographic location were as follows for the periods presented (in millions):\n Years Ended December 31,\n 2023 2022 2021\n United States $ 1,720 $ 4,405 $ 5,393\n Europe 1,353 6,732 6,834\n Rest of world 3,598 7,298 5,448\n Total $ 6,671 $ 18,435 $ 17,675\n In the third quarter of 2023, we commenced sales of our COVID-19 vaccine to the U.S. commercial market, in addition to continuing sales to foreign\n governments and organizations. In the U.S., our COVID-19 vaccine is now sold primarily to wholesalers and distributors, and to a lesser extent, directly to\n retailers and healthcare providers. Net product sales are recognized net of estimated wholesaler chargebacks, invoice discounts for prompt payments and preorders, provisions for sales returns, and other related deductions. Please refer to Note 3 to our consolidated financial statements.\n The following table summarizes product sales provision for the periods presented (in millions):\n Years Ended December 31,\n 2023 2022 2021\n Gross product sales $ 8,203 $ 18,435 $ 17,675\n Product sales provision:\n Wholesaler chargebacks, discounts and fees (976) — —\n Returns and other fees (556) — —\n Total product sales provision $ (1,532) $ — $ —\n Net product sales $ 6,671 $ 18,435 $ 17,675\n As of December 31, 2023, our COVID-19 vaccine was our only commercial product authorized for use.\n As of December 31, 2023, we had deferred revenue of $613 million associated with customer deposits received or billable under supply agreements for\n delivery of our COVID-19 vaccine primarily in 2024.\n Our net product sales for the full year 2023 declined significantly as compared to the full year 2022, reflecting the ongoing shift of the COVID-19 vaccine\n market toward a seasonal commercial market. In addition, we experienced greater seasonality for sales, with greater demand in the fall/winter seasons in each\n hemisphere as countries seek to provide booster vaccinations to their populations. For 2024, we expect the progression toward a seasonal commercial market to\n persist, resulting in further projected reductions in net product sales for our COVID-19 vaccine relative to 2023." ]

[ "Financial Operations Overview\n Revenue\n Net product sales\n Net product sales by customer geographic location were as follows for the periods presented (in millions):\n Years Ended December 31,\n 2023 2022 2021\n United States $ 1,720 $ 4,405 $ 5,393\n Europe 1,353 6,732 6,834\n Rest of world 3,598 7,298 5,448\n Total $ 6,671 $ 18,435 $ 17,675\n In the third quarter of 2023, we commenced sales of our COVID-19 vaccine to the U.S. commercial market, in addition to continuing sales to foreign\n governments and organizations. In the U.S., our COVID-19 vaccine is now sold primarily to wholesalers and distributors, and to a lesser extent, directly to\n retailers and healthcare providers. Net product sales are recognized net of estimated wholesaler chargebacks, invoice discounts for prompt payments and preorders, provisions for sales returns, and other related deductions. Please refer to Note 3 to our consolidated financial statements.\n The following table summarizes product sales provision for the periods presented (in millions):\n Years Ended December 31,\n 2023 2022 2021\n Gross product sales $ 8,203 $ 18,435 $ 17,675\n Product sales provision:\n Wholesaler chargebacks, discounts and fees (976) — —\n Returns and other fees (556) — —\n Total product sales provision $ (1,532) $ — $ —\n Net product sales $ 6,671 $ 18,435 $ 17,675\n As of December 31, 2023, our COVID-19 vaccine was our only commercial product authorized for use.\n As of December 31, 2023, we had deferred revenue of $613 million associated with customer deposits received or billable under supply agreements for\n delivery of our COVID-19 vaccine primarily in 2024.\n Our net product sales for the full year 2023 declined significantly as compared to the full year 2022, reflecting the ongoing shift of the COVID-19 vaccine\n market toward a seasonal commercial market. In addition, we experienced greater seasonality for sales, with greater demand in the fall/winter seasons in each\n hemisphere as countries seek to provide booster vaccinations to their populations. For 2024, we expect the progression toward a seasonal commercial market to\n persist, resulting in further projected reductions in net product sales for our COVID-19 vaccine relative to 2023." ]

[ "he following table summarizes other revenue for the periods presented (in millions):\n Years Ended December 31,\n 2023 2022 2021\n Grant revenue $ 94 $ 388 $ 735\n Collaboration revenue 83 440 61\n Total other revenue $ 177 $ 828 $ 796\n Cost of sales\n Cost of sales includes raw materials, personnel and facility and other costs associated with manufacturing our commercial products. These costs include\n production materials, production costs at our manufacturing facilities, third-party manufacturing costs, and final formulation and packaging costs. Cost of sales\n also includes shipping costs, indirect overhead costs associated with our product sales during the period, third-party royalties on net sales of our products, and\n charges for inventory valuation, excess and obsolete inventory and losses on firm purchase commitments.\n Research and development expenses\n The nature of our business and primary focus of our activities generate a significant amount of research and development costs.\n Research and development expenses represent costs incurred by us for the following:\n • cost to develop our platform;\n • discovery efforts leading to development candidates;\n • preclinical, nonclinical, and clinical development costs for our programs;\n • cost to develop our manufacturing technology and infrastructure; and\n • digital infrastructure costs related to our drug discovery efforts and clinical trials.\n The costs above comprise the following categories:\n • personnel-related expenses, including salaries, benefits, and stock-based compensation expense;\n • expenses incurred under agreements with third parties, such as consultants, investigative sites, contract research organizations (CROs), that\n conduct our preclinical studies and clinical trials, and in-licensing arrangements;\n • expenses associated with developing manufacturing, modification of formulation or design of a product or process, advancing the design to meet\n specific functional and economic requirements for manufacture and obtaining materials for preclinical studies, clinical trials and pre-launch\n inventory from internal and third-party contract manufacturing organizations (CMOs);\n • expenses incurred for the procurement of materials, laboratory supplies, and non-capital equipment used in the research and development process;\n • upfront fees and milestones paid to third-parties for licenses and technologies that had not reached technological feasibility and did not have an\n alternative future use; and\n • facilities, depreciation, and amortization, and other direct and allocated expenses incurred as a result of research and development activities.\n We use our employee and infrastructure resources for the advancement of our platform, and for discovering and developing programs. Due to the number of\n ongoing programs and our ability to use resources across several projects, indirect or shared operating costs incurred for our research and development\n programs are generally not recorded or maintained on a program- or modality-specific basis." ]

[ "4. Other Revenue\n The following table summarizes other revenue for the periods presented (in millions):\n Years Ended December 31,\n 2023 2022 2021\n Grant revenue $ 94 $ 388 $ 735\n Collaboration revenue 83 440 61\n Total other revenue $ 177 $ 828 $ 796\n Grant Revenue\n In April 2020, we entered into an agreement with Biomedical Advanced Research and Development Authority (BARDA), a division of the Office of the\n Assistant Secretary for Preparedness and Response (ASPR) within the U.S. Department of Health and Human Services (HHS), for an award of up to\n $483 million to accelerate development of mRNA-1273, our original vaccine candidate against COVID-19. The agreement has been subsequently amended to\n provide for additional commitments to support various late-stage clinical development efforts of mRNA-1273, including a 30,000 participant Phase 3 study,\n pediatric clinical trials, adolescent clinical trials and pharmacovigilance studies. The maximum award from BARDA, inclusive of all amendments, was\n approximately $1.8 billion. All contract options have been exercised. As of December 31, 2023, the remaining available funding, net of revenue earned was\n $97 million.\n The following table summarizes grant revenue for the periods presented (in millions):\n Years Ended December 31,\n 2023 2022 2021\n BARDA $ 88 $ 372 $ 713\n Other grant revenue 6 16 22\n Total grant revenue $ 94 $ 388 $ 735\n Collaboration Revenue\n We have entered into collaboration agreements with strategic collaborators to accelerate the discovery and advancement of potential mRNA medicines across\n therapeutic areas. As of December 31, 2023, 2022 and 2021, we had collaboration agreements with Merck & Co., Inc (Merck), Vertex Pharmaceuticals\n Incorporated and Vertex Pharmaceuticals (Europe) Limited (together, Vertex), AstraZeneca plc (AstraZeneca) and others. Please refer to Note 5 to for further\n description of these collaboration agreements.\n The following table summarizes our total consolidated net revenue from our strategic collaborators for the periods presented (in millions):\n Years Ended December 31,\n Collaboration Revenue by Strategic Collaborator: 2023 2022 2021\n Vertex $ 82 $ 48 $ 26\n Merck — 309 23\n AstraZeneca — 80 7\n Other 1 3 5\n Total collaboration revenue $ 83 $ 440 $ 61" ]

[ "MODERNA, INC.\n CONSOLIDATED STATEMENTS OF OPERATIONS\n (In millions, except per share data)\n Years Ended December 31,\n 2023 2022 2021\n Revenue:\n Net product sales $ 6,671 $ 18,435 $ 17,675\n Other revenue 177 828 796\n Total revenue 6,848 19,263 18,471\n Operating expenses:\n Cost of sales 4,693 5,416 2,617\n Research and development 4,845 3,295 1,991\n Selling, general and administrative 1,549 1,132 567\n Total operating expenses 11,087 9,843 5,175\n (Loss) income from operations (4,239) 9,420 13,296\n Interest income 421 200 18\n Other expense, net (124) (45) (29)\n (Loss) income before income taxes (3,942) 9,575 13,285\n Provision for income taxes 772 1,213 1,083\n Net (loss) income $ (4,714) $ 8,362 $ 12,202\n (Loss) earnings per share:\n Basic $ (12.33) $ 21.26 $ 30.31\n Diluted $ (12.33) $ 20.12 $ 28.29\n Weighted average common shares used in calculation of (loss) earnings per share:\n Basic 382 394 403\n Diluted 382 416 431" ]

[ "Results of operations\n A discussion regarding our results of operations for the year ended December 31, 2023 compared to 2022 is presented below. A discussion regarding our results\n of operations for the year ended December 31, 2022 compared to 2021 can be found under Part II -Item 7 of our Annual Report on Form 10-K for the year\n ended December 31, 2022, which was filed with the Securities and Exchange Commission (SEC) on February 24, 2023.\n The following table summarizes our consolidated statements of operations for the periods presented (in millions):\n Years Ended December 31, Change 2023 vs. 2022\n 2023 2022 Change %\n Revenue:\n Net product sales $ 6,671 $ 18,435 $ (11,764) (64)%\n Other revenue 177 828 (651) (79)%\n Total revenue 6,848 19,263 (12,415) (64)%\n Operating expenses:\n Cost of sales 4,693 5,416 (723) (13)%\n Research and development 4,845 3,295 1,550 47 %\n Selling, general and administrative 1,549 1,132 417 37 %\n Total operating expenses 11,087 9,843 1,244 13 %\n (Loss) income from operations (4,239) 9,420 (13,659) (145)%\n Interest income 421 200 221 111 %\n Other expense, net (124) (45) (79) 176 %\n (Loss) income before income taxes (3,942) 9,575 (13,517) (141)%\n Provision for income taxes 772 1,213 (441) (36)%\n Net (loss) income $ (4,714) $ 8,362 $ (13,076) (156)%" ]

[ "MODERNA, INC.\n CONSOLIDATED STATEMENTS OF OPERATIONS\n (In millions, except per share data)\n Years Ended December 31,\n 2023 2022 2021\n Revenue:\n Net product sales $ 6,671 $ 18,435 $ 17,675\n Other revenue 177 828 796\n Total revenue 6,848 19,263 18,471\n Operating expenses:\n Cost of sales 4,693 5,416 2,617\n Research and development 4,845 3,295 1,991\n Selling, general and administrative 1,549 1,132 567\n Total operating expenses 11,087 9,843 5,175\n (Loss) income from operations (4,239) 9,420 13,296\n Interest income 421 200 18\n Other expense, net (124) (45) (29)\n (Loss) income before income taxes (3,942) 9,575 13,285\n Provision for income taxes 772 1,213 1,083\n Net (loss) income $ (4,714) $ 8,362 $ 12,202\n (Loss) earnings per share:\n Basic $ (12.33) $ 21.26 $ 30.31\n Diluted $ (12.33) $ 20.12 $ 28.29\n Weighted average common shares used in calculation of (loss) earnings per share:\n Basic 382 394 403\n Diluted 382 416 431" ]

[ "MODERNA, INC.\n CONSOLIDATED STATEMENTS OF OPERATIONS\n (In millions, except per share data)\n Years Ended December 31,\n 2023 2022 2021\n Revenue:\n Net product sales $ 6,671 $ 18,435 $ 17,675\n Other revenue 177 828 796\n Total revenue 6,848 19,263 18,471\n Operating expenses:\n Cost of sales 4,693 5,416 2,617\n Research and development 4,845 3,295 1,991\n Selling, general and administrative 1,549 1,132 567\n Total operating expenses 11,087 9,843 5,175\n (Loss) income from operations (4,239) 9,420 13,296\n Interest income 421 200 18\n Other expense, net (124) (45) (29)\n (Loss) income before income taxes (3,942) 9,575 13,285\n Provision for income taxes 772 1,213 1,083\n Net (loss) income $ (4,714) $ 8,362 $ 12,202\n (Loss) earnings per share:\n Basic $ (12.33) $ 21.26 $ 30.31\n Diluted $ (12.33) $ 20.12 $ 28.29\n Weighted average common shares used in calculation of (loss) earnings per share:\n Basic 382 394 403\n Diluted 382 416 431" ]

[ "The following table reflects our research and development expenses, including direct program specific expenses summarized by modality and indirect or\n shared operating costs summarized under other research and development expenses during the years ended December 31, 2023, 2022, and 2021 (in millions):\n Years Ended December 31,\n 2023 2022 2021\n Program expenses by modality:\n Infectious disease vaccines $ 2,344 $ 1,734 $ 1,099\n Cancer vaccines & therapeutics 70 14 47\n Rare disease intracellular therapeutics 75 42 26\n Intratumoral immuno-oncology 23 10 20\n Inhaled pulmonary therapeutics 17 18 1\n Systemic secreted and cell surface therapeutics 33 23 3\n Total program-specific expenses by modality $ 2,562 $ 1,841 $ 1,196\n Other research and development expenses:\n Discovery programs $ 106 $ 69 $ 85\n Platform research 254 169 125\n Technical development and unallocated manufacturing expenses 821 464 275\n Shared discovery and development expenses 945 658 242\n Stock-based compensation 157 94 68\n Total research and development expenses $ 4,845 $ 3,295 $ 1,991\n __________\n (1) Includes a total of 42 development candidates at December 31, 2023, 45 development candidates at December 31, 2022, and 37 development candidates at\n December 31, 2021. Program-specific expenses are reflected as of the beginning of the period in which the program was internally advanced to\n development or removed if development was ceased.\n A “modality” refers to a group of programs with common product features and the associated combination of enabling mRNA technologies, delivery\n technologies, and manufacturing processes. The program-specific expenses by modality summarized in the table above include expenses we directly attribute\n to our programs, which consist primarily of external costs, such as fees paid to outside consultants, central laboratories, investigative sites, and CROs in\n connection with our preclinical studies and clinical trials, CMOs, and allocated manufacturing costs of pre-launch inventory, mRNA supply and consumables.\n Costs to acquire and manufacture pre-launch inventory, mRNA supply for preclinical studies and clinical trials are recognized and included in unallocated\n manufacturing expenses when incurred, and subsequently allocated to program-specific manufacturing costs after completion of the program-specific\n production. The timing of allocating manufacturing costs to the specific program varies depending on the program development and production schedule. We\n generally do not allocate personnel-related costs, including stock-based compensation, costs associated with our general platform research, technical\n development, and other shared costs on a program-specific basis. These costs were therefore excluded from the summary of program-specific expenses by\n modality.\n Discovery program expenses are costs associated with research activities for our programs in the preclinical discovery stage, and primarily consist of external\n costs for CROs and lab services, and allocated manufacturing cost of preclinical mRNA supply and consumables.\n Platform research expenses are mainly costs to develop technical advances in mRNA science, delivery science, and manufacturing process design. These costs\n include personnel-related costs, computer equipment, facilities, preclinical mRNA supply and consumables, and other administrative costs to support our\n platform research.\n Technology development and unallocated manufacturing expenses are primarily related to non-program-specific manufacturing process development and\n manufacturing costs.\n Shared discovery and development expenses are research and development costs such as personnel-related costs and other costs, which are not otherwise\n included in development programs, discovery programs, platform research, technical development, certain collaborative and licensing arrangements, and\n unallocated manufacturing expenses, stock-based compensation, and other expenses." ]

[ "MODERNA, INC.\n CONSOLIDATED STATEMENTS OF OPERATIONS\n (In millions, except per share data)\n Years Ended December 31,\n 2023 2022 2021\n Revenue:\n Net product sales $ 6,671 $ 18,435 $ 17,675\n Other revenue 177 828 796\n Total revenue 6,848 19,263 18,471\n Operating expenses:\n Cost of sales 4,693 5,416 2,617\n Research and development 4,845 3,295 1,991\n Selling, general and administrative 1,549 1,132 567\n Total operating expenses 11,087 9,843 5,175\n (Loss) income from operations (4,239) 9,420 13,296\n Interest income 421 200 18\n Other expense, net (124) (45) (29)\n (Loss) income before income taxes (3,942) 9,575 13,285\n Provision for income taxes 772 1,213 1,083\n Net (loss) income $ (4,714) $ 8,362 $ 12,202\n (Loss) earnings per share:\n Basic $ (12.33) $ 21.26 $ 30.31\n Diluted $ (12.33) $ 20.12 $ 28.29\n Weighted average common shares used in calculation of (loss) earnings per share:\n Basic 382 394 403\n Diluted 382 416 431" ]

[ "Operating and financing lease right-of-use assets and lease liabilities as of December 31, 2023 and 2022 were as follows (in millions):\n December 31,\n 2023 2022\n Assets:\n Right-of-use assets, operating, net $ 713 $ 121\n Right-of-use assets, financing, net 436 1,150\n Total $ 1,149 $ 1,271\n Liabilities:\n Current:\n Operating lease liabilities $ 25 $ 35\n Financing lease liabilities — 161\n Total current lease liabilities 25 196\n Non-current:\n Operating lease liabilities, non-current 643 92\n Financing lease liabilities, non-current 575 912\n Total non-current lease liabilities 1,218 1,004\n Total $ 1,243 $ 1,200\n _______\n These assets are real estate related assets, which include land, office and laboratory spaces.\n Net of accumulated amortization.\n These assets are real estate assets related to the MTC leases as well as assets related to contract manufacturing service agreements.\n Included in property, plant and equipment in the consolidated balance sheets, net of accumulated depreciation.\n Included in other current liabilities in the consolidated balance sheets.\n The components of the lease costs were as follows for the periods presented (in millions):\n Years ended December 31,\n 2023 2022 2021\n Operating lease costs $ 88 $ 48 $ 24\n Financing lease costs:\n Amortization of right-of-use assets, financing leases 500 280 189\n Interest expense for financing lease liabilities 38 29 17\n Total financing lease costs $ 538 $ 309 $ 206\n Short term lease costs $ 2 $ — $ 49\n Variable lease costs $ 113 $ 165 $ 10" ]

[ "MODERNA, INC.\n CONSOLIDATED STATEMENTS OF OPERATIONS\n (In millions, except per share data)\n Years Ended December 31,\n 2023 2022 2021\n Revenue:\n Net product sales $ 6,671 $ 18,435 $ 17,675\n Other revenue 177 828 796\n Total revenue 6,848 19,263 18,471\n Operating expenses:\n Cost of sales 4,693 5,416 2,617\n Research and development 4,845 3,295 1,991\n Selling, general and administrative 1,549 1,132 567\n Total operating expenses 11,087 9,843 5,175\n (Loss) income from operations (4,239) 9,420 13,296\n Interest income 421 200 18\n Other expense, net (124) (45) (29)\n (Loss) income before income taxes (3,942) 9,575 13,285\n Provision for income taxes 772 1,213 1,083\n Net (loss) income $ (4,714) $ 8,362 $ 12,202\n (Loss) earnings per share:\n Basic $ (12.33) $ 21.26 $ 30.31\n Diluted $ (12.33) $ 20.12 $ 28.29\n Weighted average common shares used in calculation of (loss) earnings per share:\n Basic 382 394 403\n Diluted 382 416 431", "MODERNA, INC.\n CONSOLIDATED STATEMENTS OF CASH FLOWS\n (In millions)\n Years Ended December 31,\n 2023 2022 2021\n Operating activities\n Net (loss) income $ (4,714) $ 8,362 $ 12,202\n Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:\n Stock-based compensation 305 226 142\n Depreciation and amortization 621 348 232\n Amortization/accretion of investments (61) 31 54\n Loss on equity investments, net 35 — —\n Deferred income taxes 828 (559) (318)\n Other non-cash items 7 28 —\n Changes in assets and liabilities, net of acquisition of business:\n Accounts receivable, net 493 1,790 (1,784)\n Prepaid expenses and other assets 974 (1,699) (489)\n Inventory 747 492 (1,394)\n Right-of-use assets, operating leases (605) 21 (58)\n Accounts payable 13 240 204\n Accrued liabilities (340) 612 989\n Deferred revenue (2,060) (4,157) 2,824\n Income taxes payable 15 (828) 876\n Operating lease liabilities 551 (14) 17\n Other liabilities 73 88 123\n Net cash (used in) provided by operating activities (3,118) 4,981 13,620\n Investing activities\n Purchases of marketable securities (3,760) (11,435) (12,652)\n Proceeds from maturities of marketable securities 5,575 3,151 1,338\n Proceeds from sales of marketable securities 3,206 3,548 3,105\n Purchases of property, plant and equipment (707) (400) (284)\n Acquisition of business, net of cash acquired (85) — —\n Investment in convertible notes and equity securities (23) (40) (30)\n Net cash provided by (used in) investing activities 4,206 (5,176) (8,523)\n Financing activities\n Proceeds from issuance of common stock through equity plans 46 65 124\n Repurchase of common stock, including excise tax (1,153) (3,329) (857)\n Changes in financing lease liabilities (270) (184) (140)\n Net cash used in financing activities (1,377) (3,448) (873)\n Net (decrease) increase in cash, cash equivalents and restricted cash (289) (3,643) 4,224\n Cash, cash equivalents and restricted cash, beginning of year 3,217 6,860 2,636\n Cash, cash equivalents and restricted cash, end of year $ 2,928 $ 3,217 $ 6,860\n Supplemental cash flow information\n Cash (received) paid for income taxes $ (357) $ 2,729 $ 480\n Cash paid for interest $ 39 $ 25 $ 14\n Non-cash investing and financing activities\n Purchases of property, plant and equipment included in accounts payable and accrued liabilities $ 130 $ 72 $ 111" ]

[ "MODERNA, INC.\n CONSOLIDATED BALANCE SHEETS\n (In millions, except per share data)\n December 31,\n 2023 2022\n Assets\n Current assets:\n Cash and cash equivalents $ 2,907 $ 3,205\n Investments 5,697 6,697\n Accounts receivable, net 892 1,385\n Inventory 202 949\n Prepaid expenses and other current assets 627 1,195\n Total current assets 10,325 13,431\n Investments, non-current 4,677 8,318\n Property, plant and equipment, net 1,945 2,018\n Right-of-use assets, operating leases 713 121\n Deferred tax assets 81 982\n Other non-current assets 685 988\n Total assets $ 18,426 $ 25,858\n Liabilities and Stockholders’ Equity\n Current liabilities:\n Accounts payable $ 520 $ 487\n Accrued liabilities 1,798 2,101\n Deferred revenue 568 2,038\n Income taxes payable 63 48\n Other current liabilities 66 249\n Total current liabilities 3,015 4,923\n Deferred revenue, non-current 83 673\n Operating lease liabilities, non-current 643 92\n Financing lease liabilities, non-current 575 912\n Other non-current liabilities 256 135\n Total liabilities 4,572 6,735\n Commitments and contingencies (Note 11)\n Stockholders’ equity:\n Preferred stock, $0.0001; 162 shares authorized as of December 31, 2023 and 2022; no shares issued or\n outstanding at December 31, 2023 and 2022 — —\n Common stock, par value $0.0001; 1,600 shares authorized as of December 31, 2023 and 2022; 382 and 385\n shares issued and outstanding as of December 31, 2023 and 2022, respectively — —\n Additional paid-in capital 371 1,173\n Accumulated other comprehensive loss (123) (370)\n Retained earnings 13,606 18,320\n Total stockholders’ equity 13,854 19,123\n Total liabilities and stockholders’ equity $ 18,426 $ 25,858\n The accompanying notes are an integral part of these consolidated financial statements." ]

[ "Financial Operations Overview\n Revenue\n Net product sales\n Net product sales by customer geographic location were as follows for the periods presented (in millions):\n Years Ended December 31,\n 2023 2022 2021\n United States $ 1,720 $ 4,405 $ 5,393\n Europe 1,353 6,732 6,834\n Rest of world 3,598 7,298 5,448\n Total $ 6,671 $ 18,435 $ 17,675\n In the third quarter of 2023, we commenced sales of our COVID-19 vaccine to the U.S. commercial market, in addition to continuing sales to foreign\n governments and organizations. In the U.S., our COVID-19 vaccine is now sold primarily to wholesalers and distributors, and to a lesser extent, directly to\n retailers and healthcare providers. Net product sales are recognized net of estimated wholesaler chargebacks, invoice discounts for prompt payments and preorders, provisions for sales returns, and other related deductions. Please refer to Note 3 to our consolidated financial statements.\n The following table summarizes product sales provision for the periods presented (in millions):\n Years Ended December 31,\n 2023 2022 2021\n Gross product sales $ 8,203 $ 18,435 $ 17,675\n Product sales provision:\n Wholesaler chargebacks, discounts and fees (976) — —\n Returns and other fees (556) — —\n Total product sales provision $ (1,532) $ — $ —\n Net product sales $ 6,671 $ 18,435 $ 17,675\n As of December 31, 2023, our COVID-19 vaccine was our only commercial product authorized for use.\n As of December 31, 2023, we had deferred revenue of $613 million associated with customer deposits received or billable under supply agreements for\n delivery of our COVID-19 vaccine primarily in 2024.\n Our net product sales for the full year 2023 declined significantly as compared to the full year 2022, reflecting the ongoing shift of the COVID-19 vaccine\n market toward a seasonal commercial market. In addition, we experienced greater seasonality for sales, with greater demand in the fall/winter seasons in each\n hemisphere as countries seek to provide booster vaccinations to their populations. For 2024, we expect the progression toward a seasonal commercial market to\n persist, resulting in further projected reductions in net product sales for our COVID-19 vaccine relative to 2023." ]

[ "MODERNA, INC.\n CONSOLIDATED STATEMENTS OF OPERATIONS\n (In millions, except per share data)\n Years Ended December 31,\n 2023 2022 2021\n Revenue:\n Net product sales $ 6,671 $ 18,435 $ 17,675\n Other revenue 177 828 796\n Total revenue 6,848 19,263 18,471\n Operating expenses:\n Cost of sales 4,693 5,416 2,617\n Research and development 4,845 3,295 1,991\n Selling, general and administrative 1,549 1,132 567\n Total operating expenses 11,087 9,843 5,175\n (Loss) income from operations (4,239) 9,420 13,296\n Interest income 421 200 18\n Other expense, net (124) (45) (29)\n (Loss) income before income taxes (3,942) 9,575 13,285\n Provision for income taxes 772 1,213 1,083\n Net (loss) income $ (4,714) $ 8,362 $ 12,202\n (Loss) earnings per share:\n Basic $ (12.33) $ 21.26 $ 30.31\n Diluted $ (12.33) $ 20.12 $ 28.29\n Weighted average common shares used in calculation of (loss) earnings per share:\n Basic 382 394 403\n Diluted 382 416 431" ]

[ "4. Other Revenue\n The following table summarizes other revenue for the periods presented (in millions):\n Years Ended December 31,\n 2023 2022 2021\n Grant revenue $ 94 $ 388 $ 735\n Collaboration revenue 83 440 61\n Total other revenue $ 177 $ 828 $ 796\n Grant Revenue\n In April 2020, we entered into an agreement with Biomedical Advanced Research and Development Authority (BARDA), a division of the Office of the\n Assistant Secretary for Preparedness and Response (ASPR) within the U.S. Department of Health and Human Services (HHS), for an award of up to\n $483 million to accelerate development of mRNA-1273, our original vaccine candidate against COVID-19. The agreement has been subsequently amended to\n provide for additional commitments to support various late-stage clinical development efforts of mRNA-1273, including a 30,000 participant Phase 3 study,\n pediatric clinical trials, adolescent clinical trials and pharmacovigilance studies. The maximum award from BARDA, inclusive of all amendments, was\n approximately $1.8 billion. All contract options have been exercised. As of December 31, 2023, the remaining available funding, net of revenue earned was\n $97 million.\n The following table summarizes grant revenue for the periods presented (in millions):\n Years Ended December 31,\n 2023 2022 2021\n BARDA $ 88 $ 372 $ 713\n Other grant revenue 6 16 22\n Total grant revenue $ 94 $ 388 $ 735\n Collaboration Revenue\n We have entered into collaboration agreements with strategic collaborators to accelerate the discovery and advancement of potential mRNA medicines across\n therapeutic areas. As of December 31, 2023, 2022 and 2021, we had collaboration agreements with Merck & Co., Inc (Merck), Vertex Pharmaceuticals\n Incorporated and Vertex Pharmaceuticals (Europe) Limited (together, Vertex), AstraZeneca plc (AstraZeneca) and others. Please refer to Note 5 to for further\n description of these collaboration agreements.\n The following table summarizes our total consolidated net revenue from our strategic collaborators for the periods presented (in millions):\n Years Ended December 31,\n Collaboration Revenue by Strategic Collaborator: 2023 2022 2021\n Vertex $ 82 $ 48 $ 26\n Merck — 309 23\n AstraZeneca — 80 7\n Other 1 3 5\n Total collaboration revenue $ 83 $ 440 $ 61" ]

[ "MODERNA, INC.\n CONSOLIDATED STATEMENTS OF OPERATIONS\n (In millions, except per share data)\n Years Ended December 31,\n 2023 2022 2021\n Revenue:\n Net product sales $ 6,671 $ 18,435 $ 17,675\n Other revenue 177 828 796\n Total revenue 6,848 19,263 18,471\n Operating expenses:\n Cost of sales 4,693 5,416 2,617\n Research and development 4,845 3,295 1,991\n Selling, general and administrative 1,549 1,132 567\n Total operating expenses 11,087 9,843 5,175\n (Loss) income from operations (4,239) 9,420 13,296\n Interest income 421 200 18\n Other expense, net (124) (45) (29)\n (Loss) income before income taxes (3,942) 9,575 13,285\n Provision for income taxes 772 1,213 1,083\n Net (loss) income $ (4,714) $ 8,362 $ 12,202\n (Loss) earnings per share:\n Basic $ (12.33) $ 21.26 $ 30.31\n Diluted $ (12.33) $ 20.12 $ 28.29\n Weighted average common shares used in calculation of (loss) earnings per share:\n Basic 382 394 403\n Diluted 382 416 431" ]

[ "MODERNA, INC.\n CONSOLIDATED STATEMENTS OF OPERATIONS\n (In millions, except per share data)\n Years Ended December 31,\n 2023 2022 2021\n Revenue:\n Net product sales $ 6,671 $ 18,435 $ 17,675\n Other revenue 177 828 796\n Total revenue 6,848 19,263 18,471\n Operating expenses:\n Cost of sales 4,693 5,416 2,617\n Research and development 4,845 3,295 1,991\n Selling, general and administrative 1,549 1,132 567\n Total operating expenses 11,087 9,843 5,175\n (Loss) income from operations (4,239) 9,420 13,296\n Interest income 421 200 18\n Other expense, net (124) (45) (29)\n (Loss) income before income taxes (3,942) 9,575 13,285\n Provision for income taxes 772 1,213 1,083\n Net (loss) income $ (4,714) $ 8,362 $ 12,202\n (Loss) earnings per share:\n Basic $ (12.33) $ 21.26 $ 30.31\n Diluted $ (12.33) $ 20.12 $ 28.29\n Weighted average common shares used in calculation of (loss) earnings per share:\n Basic 382 394 403\n Diluted 382 416 431" ]

[ "MODERNA, INC.\n CONSOLIDATED BALANCE SHEETS\n (In millions, except per share data)\n December 31,\n 2023 2022\n Assets\n Current assets:\n Cash and cash equivalents $ 2,907 $ 3,205\n Investments 5,697 6,697\n Accounts receivable, net 892 1,385\n Inventory 202 949\n Prepaid expenses and other current assets 627 1,195\n Total current assets 10,325 13,431\n Investments, non-current 4,677 8,318\n Property, plant and equipment, net 1,945 2,018\n Right-of-use assets, operating leases 713 121\n Deferred tax assets 81 982\n Other non-current assets 685 988\n Total assets $ 18,426 $ 25,858\n Liabilities and Stockholders’ Equity\n Current liabilities:\n Accounts payable $ 520 $ 487\n Accrued liabilities 1,798 2,101\n Deferred revenue 568 2,038\n Income taxes payable 63 48\n Other current liabilities 66 249\n Total current liabilities 3,015 4,923\n Deferred revenue, non-current 83 673\n Operating lease liabilities, non-current 643 92\n Financing lease liabilities, non-current 575 912\n Other non-current liabilities 256 135\n Total liabilities 4,572 6,735\n Commitments and contingencies (Note 11)\n Stockholders’ equity:\n Preferred stock, $0.0001; 162 shares authorized as of December 31, 2023 and 2022; no shares issued or\n outstanding at December 31, 2023 and 2022 — —\n Common stock, par value $0.0001; 1,600 shares authorized as of December 31, 2023 and 2022; 382 and 385\n shares issued and outstanding as of December 31, 2023 and 2022, respectively — —\n Additional paid-in capital 371 1,173\n Accumulated other comprehensive loss (123) (370)\n Retained earnings 13,606 18,320\n Total stockholders’ equity 13,854 19,123\n Total liabilities and stockholders’ equity $ 18,426 $ 25,858\n The accompanying notes are an integral part of these consolidated financial statements." ]

[ "MODERNA, INC.\n CONSOLIDATED BALANCE SHEETS\n (In millions, except per share data)\n December 31,\n 2023 2022\n Assets\n Current assets:\n Cash and cash equivalents $ 2,907 $ 3,205\n Investments 5,697 6,697\n Accounts receivable, net 892 1,385\n Inventory 202 949\n Prepaid expenses and other current assets 627 1,195\n Total current assets 10,325 13,431\n Investments, non-current 4,677 8,318\n Property, plant and equipment, net 1,945 2,018\n Right-of-use assets, operating leases 713 121\n Deferred tax assets 81 982\n Other non-current assets 685 988\n Total assets $ 18,426 $ 25,858\n Liabilities and Stockholders’ Equity\n Current liabilities:\n Accounts payable $ 520 $ 487\n Accrued liabilities 1,798 2,101\n Deferred revenue 568 2,038\n Income taxes payable 63 48\n Other current liabilities 66 249\n Total current liabilities 3,015 4,923\n Deferred revenue, non-current 83 673\n Operating lease liabilities, non-current 643 92\n Financing lease liabilities, non-current 575 912\n Other non-current liabilities 256 135\n Total liabilities 4,572 6,735\n Commitments and contingencies (Note 11)\n Stockholders’ equity:\n Preferred stock, $0.0001; 162 shares authorized as of December 31, 2023 and 2022; no shares issued or\n outstanding at December 31, 2023 and 2022 — —\n Common stock, par value $0.0001; 1,600 shares authorized as of December 31, 2023 and 2022; 382 and 385\n shares issued and outstanding as of December 31, 2023 and 2022, respectively — —\n Additional paid-in capital 371 1,173\n Accumulated other comprehensive loss (123) (370)\n Retained earnings 13,606 18,320\n Total stockholders’ equity 13,854 19,123\n Total liabilities and stockholders’ equity $ 18,426 $ 25,858\n The accompanying notes are an integral part of these consolidated financial statements." ]